Hinduja Global Solutions Ltd.

•

₹ 402.25-1.05%

2026-08-21

hgs.cxBSE: 532859NSE: HGS

Market Cap₹ 1,891 Cr.

Current Price₹ 406

High / Low₹ 556 / 342

Stock P/E58.7

Book Value₹ 1,773

Price to Book0.28

Dividend Yield0.00 %

ROCE3.2 %

ROE-1.6 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Business Process Management: 71.5% • Media/Telecom: 28.5%

PROS

Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.52x)
Company generates healthy free cash flow
Company maintains a comfortable, low leverage position

CONS

A large part of profit comes from other income (926.8% of PBT)
Company has a low return on equity of 1.2% over last 3 years
Company has a low return on capital employed of 3.4%
Interest coverage is weak at 1.3x - earnings barely cover interest
Company's sales have been declining over the last five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Consumer ServicesITBPO/ITeS

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	NAUKRI	1367.50	55.43	88671.52	0.61	490.05	42.93	880.75	11.37	5.94	39.10
2.	AFFLE	1694.45	49.97	23877.23	0.00	128.44	21.74	747.16	20.37	16.85	22.43
3.	FSL	273.15	28.88	19376.49	2.01	165.92	-2.01	2724.88	22.69	17.26	16.56
4.	ECLERX	1832.85	23.65	17238.09	0.05	1642.42	1060.31	11523.58	1133.05	40.23	23.02
5.	PROTEAN	545.45	26.82	2215.68	1.83	5.86	-75.43	250.96	19.03	12.55	4.95
6.	HGS	406.50	58.75	1891.05	0.00	-662.60	-6037.28	10503.60	894.44	3.21	-3.28
7.	ONEPOINT	56.07	32.67	1474.29	0.00	16.31	72.83	158.32	129.42	17.04	22.61
8.	ALLDIGI	811.35	14.47	1236.36	7.40	18.12	21.69	150.28	4.43	41.28	27.52
9.	MATRIMONY	551.15	25.41	1139.41	0.91	19.08	127.14	130.51	13.16	21.40	20.06
10.	VAKRANGEE	5.78	58.54	626.08	0.00	2.26	-32.03	55.92	-18.76	6.07	11.87
11.	SIGMA	46.34	15.23	476.26	0.00	12.57	142.57	23.03	11.48	59.21	33.59
12.	SECMARK	128.00	40.77	133.72	0.00	-0.19	79.20	10.35	55.56	22.41	9.82

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Mar 2026	Jun 2026
	1,070	1,133	1,180	1,204	1,099	1,092	1,087	1,064	1,161	1,056	1,091	1,085	1,050
	1,034	1,057	1,082	1,099	1,032	1,075	1,053	1,000	1,019	1,028	1,065	1,057	1,254
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	98	114	108	102	159	127	120	171	137	131	132	170	151
Interest	24	39	46	48	51	56	62	56	55	58	54	48	46
Depreciation	114	124	135	142	133	131	133	138	121	128	118	135	124
	-3	28	25	16	41	-44	-41	41	103	-26	-14	9	-53
Tax %	1020.07%	41.31%	24.84%	49.51%	-112.24%	-29.00%	-24.23%	120.82%	101.63%	-74.96%	-91.55%	246.18%	-25.56%
Net Profit	26	17	18	0	88	1,615	-51	-9	-2	112	-27	-14	-66
	5	3	4	2	19	-12	-9	-1	1	-9	-4	-2	-1
Equity Capital	53	47	47	47	47	47	47	47	47	47	47	47	47
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	53	47	47	47	47	47	47	47	47	47	47	47	47
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Mar 2023

: 1,070
: 1,034
Operating Profit: —
OPM %: —
Other Income: 98
Interest: 24
Depreciation: 114
: -3
Tax %: 1020.07%
Net Profit: 26
: 5
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 53
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2023

: 1,133
: 1,057
Operating Profit: —
OPM %: —
Other Income: 114
Interest: 39
Depreciation: 124
: 28
Tax %: 41.31%
Net Profit: 17
: 3
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 1,180
: 1,082
Operating Profit: —
OPM %: —
Other Income: 108
Interest: 46
Depreciation: 135
: 25
Tax %: 24.84%
Net Profit: 18
: 4
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 1,204
: 1,099
Operating Profit: —
OPM %: —
Other Income: 102
Interest: 48
Depreciation: 142
: 16
Tax %: 49.51%
Net Profit: 0
: 2
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 1,099
: 1,032
Operating Profit: —
OPM %: —
Other Income: 159
Interest: 51
Depreciation: 133
: 41
Tax %: -112.24%
Net Profit: 88
: 19
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 1,092
: 1,075
Operating Profit: —
OPM %: —
Other Income: 127
Interest: 56
Depreciation: 131
: -44
Tax %: -29.00%
Net Profit: 1,615
: -12
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 1,087
: 1,053
Operating Profit: —
OPM %: —
Other Income: 120
Interest: 62
Depreciation: 133
: -41
Tax %: -24.23%
Net Profit: -51
: -9
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 1,064
: 1,000
Operating Profit: —
OPM %: —
Other Income: 171
Interest: 56
Depreciation: 138
: 41
Tax %: 120.82%
Net Profit: -9
: -1
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 1,161
: 1,019
Operating Profit: —
OPM %: —
Other Income: 137
Interest: 55
Depreciation: 121
: 103
Tax %: 101.63%
Net Profit: -2
: 1
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 1,056
: 1,028
Operating Profit: —
OPM %: —
Other Income: 131
Interest: 58
Depreciation: 128
: -26
Tax %: -74.96%
Net Profit: 112
: -9
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 1,091
: 1,065
Operating Profit: —
OPM %: —
Other Income: 132
Interest: 54
Depreciation: 118
: -14
Tax %: -91.55%
Net Profit: -27
: -4
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 1,085
: 1,057
Operating Profit: —
OPM %: —
Other Income: 170
Interest: 48
Depreciation: 135
: 9
Tax %: 246.18%
Net Profit: -14
: -2
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 1,050
: 1,254
Operating Profit: —
OPM %: —
Other Income: 151
Interest: 46
Depreciation: 124
: -53
Tax %: -25.56%
Net Profit: -66
: -1
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 47
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	3,321	3,711	3,849	4,470	4,987	2,602	4,273	4,505	4,616	4,404	4,282
	3,010	3,293	3,443	4,052	4,320	2,524	4,006	4,257	4,256	4,142	4,404
Operating Profit	337	441	442	462	724	149	473	749	832	817	—
OPM %	10	12	11	10	15	6	11	17	18	19	—
Other Income	26	23	36	44	57	71	206	502	472	555	584
Interest	40	43	35	40	94	35	161	141	188	234	205
Depreciation	136	143	141	178	291	117	345	455	534	523	505
	160	255	254	243	317	-113	-110	186	110	60	-84
Tax %	37	30	22	29	42	48	65	-55	-19	297	-82
Net Profit	100	179	199	173	184	-59	-39	288	131	-118	-153
EPS	49	86	96	85	97	94	1,162	64	29	26	—
Dividend Payout %	31	12	10	12	21	25	17	24	24	0	—
Minority Interest	1	0	2	1	-4	0	-15	-2	2	21	-8
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	24	43	48	43	48	80	1,447	63	29	26	—
Minority Interest	1	0	2	1	-4	0	-15	-2	2	21	-8
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	24	43	48	43	48	80	1,447	63	29	26	—

Mar 2016

: 3,321
: 3,010
Operating Profit: 337
OPM %: 10
Other Income: 26
Interest: 40
Depreciation: 136
: 160
Tax %: 37
Net Profit: 100
EPS: 49
Dividend Payout %: 31
Minority Interest: 1
Share of Associates: 0
Adjusted EPS: 24
Minority Interest: 1
Share of Associates: 0
Adjusted EPS: 24

Mar 2017

: 3,711
: 3,293
Operating Profit: 441
OPM %: 12
Other Income: 23
Interest: 43
Depreciation: 143
: 255
Tax %: 30
Net Profit: 179
EPS: 86
Dividend Payout %: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 43
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 43

Mar 2018

: 3,849
: 3,443
Operating Profit: 442
OPM %: 11
Other Income: 36
Interest: 35
Depreciation: 141
: 254
Tax %: 22
Net Profit: 199
EPS: 96
Dividend Payout %: 10
Minority Interest: 2
Share of Associates: 0
Adjusted EPS: 48
Minority Interest: 2
Share of Associates: 0
Adjusted EPS: 48

Mar 2019

: 4,470
: 4,052
Operating Profit: 462
OPM %: 10
Other Income: 44
Interest: 40
Depreciation: 178
: 243
Tax %: 29
Net Profit: 173
EPS: 85
Dividend Payout %: 12
Minority Interest: 1
Share of Associates: 0
Adjusted EPS: 43
Minority Interest: 1
Share of Associates: 0
Adjusted EPS: 43

Mar 2020

: 4,987
: 4,320
Operating Profit: 724
OPM %: 15
Other Income: 57
Interest: 94
Depreciation: 291
: 317
Tax %: 42
Net Profit: 184
EPS: 97
Dividend Payout %: 21
Minority Interest: -4
Share of Associates: 0
Adjusted EPS: 48
Minority Interest: -4
Share of Associates: 0
Adjusted EPS: 48

Mar 2021

: 2,602
: 2,524
Operating Profit: 149
OPM %: 6
Other Income: 71
Interest: 35
Depreciation: 117
: -113
Tax %: 48
Net Profit: -59
EPS: 94
Dividend Payout %: 25
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 80
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 80

Mar 2022

: 4,273
: 4,006
Operating Profit: 473
OPM %: 11
Other Income: 206
Interest: 161
Depreciation: 345
: -110
Tax %: 65
Net Profit: -39
EPS: 1,162
Dividend Payout %: 17
Minority Interest: -15
Share of Associates: 0
Adjusted EPS: 1,447
Minority Interest: -15
Share of Associates: 0
Adjusted EPS: 1,447

Mar 2023

: 4,505
: 4,257
Operating Profit: 749
OPM %: 17
Other Income: 502
Interest: 141
Depreciation: 455
: 186
Tax %: -55
Net Profit: 288
EPS: 64
Dividend Payout %: 24
Minority Interest: -2
Share of Associates: 0
Adjusted EPS: 63
Minority Interest: -2
Share of Associates: 0
Adjusted EPS: 63

Mar 2024

: 4,616
: 4,256
Operating Profit: 832
OPM %: 18
Other Income: 472
Interest: 188
Depreciation: 534
: 110
Tax %: -19
Net Profit: 131
EPS: 29
Dividend Payout %: 24
Minority Interest: 2
Share of Associates: 0
Adjusted EPS: 29
Minority Interest: 2
Share of Associates: 0
Adjusted EPS: 29

Mar 2025

: 4,404
: 4,142
Operating Profit: 817
OPM %: 19
Other Income: 555
Interest: 234
Depreciation: 523
: 60
Tax %: 297
Net Profit: -118
EPS: 26
Dividend Payout %: 0
Minority Interest: 21
Share of Associates: 0
Adjusted EPS: 26
Minority Interest: 21
Share of Associates: 0
Adjusted EPS: 26

TTM

: 4,282
: 4,404
Operating Profit: —
OPM %: —
Other Income: 584
Interest: 205
Depreciation: 505
: -84
Tax %: -82
Net Profit: -153
EPS: —
Dividend Payout %: —
Minority Interest: -8
Share of Associates: 0
Adjusted EPS: —
Minority Interest: -8
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: 5%
5 Years:: -2%
3 Years:: 1%

COMPOUNDED PROFIT GROWTH

10 Years:: -3%
5 Years:: -10%
3 Years:: -73%

STOCK PRICE CAGR

10 Years:: 4%
5 Years:: -22%
3 Years:: -26%
1 Year:: -25%

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 0%
3 Years:: 1%
Last Year:: -2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	21	21	21	21	21	21	42	53	47	47
	1,167	1,315	1,498	1,622	1,698	2,063	8,023	8,494	7,441	7,662
	299	303	385	225	418	324	685	226	1,436	766
Trade Payables	172	154	186	241	282	384	630	417	296	509
	1,013	931	827	1,179	2,028	2,075	2,832	2,961	2,540	3,096
Total Liabilities	2,672	2,723	2,917	3,288	4,447	4,867	12,212	12,151	11,760	12,080
ASSETS	-	-	-	-	-	-	-	-	-	-
	936	949	919	1,033	1,733	1,578	2,174	2,789	2,734	2,900
Capital Work in Progress	13	32	1	5	5	3	9	13	8	9
	10	5	11	15	10	5	2,482	2,753	3,300	3,643
	0	0	0	0	0	0	12	17	17	26
	0	0	0	0	0	0	0	0	745	764
Cash & Bank	375	375	475	327	535	536	3,570	1,210	881	856
	1,338	1,362	1,511	1,908	2,164	2,745	3,965	5,369	4,076	3,881
Total Assets	2,672	2,723	2,917	3,288	4,447	4,867	12,212	12,151	11,760	12,080
Total Debt	837	662	585	602	1,448	1,179	972	569	1,643	1,525
Net Working Capital	595	509	526	805	959	1,279	3,395	3,172	3,649	5,144
Contingent Liabilities	119	96	287	289	265	272	1,238	1,297	2,230	2,498
Book Value per Share	572.81	643.76	730.10	788.24	823.79	998.32	1929.56	1627.26	1609.57	1656.95
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	837	662	585	602	1,448	1,179	972	569	1,643	1,525
Net Working Capital	595	509	526	805	959	1,279	3,395	3,172	3,649	5,144
Contingent Liabilities	119	96	287	289	265	272	1,238	1,297	2,230	2,498
Book Value per Share	572.81	643.76	730.10	788.24	823.79	998.32	1929.56	1627.26	1609.57	1656.95
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2016

Equity Capital: 21
: 1,167
: 299
Trade Payables: 172
: 1,013
Total Liabilities: 2,672
: 936
Capital Work in Progress: 13
: 10
: 0
: 0
Cash & Bank: 375
: 1,338
Total Assets: 2,672
Total Debt: 837
Net Working Capital: 595
Contingent Liabilities: 119
Book Value per Share: 572.81
Face Value: 10.00
Total Debt: 837
Net Working Capital: 595
Contingent Liabilities: 119
Book Value per Share: 572.81
Face Value: 10.00

Mar 2017

Equity Capital: 21
: 1,315
: 303
Trade Payables: 154
: 931
Total Liabilities: 2,723
: 949
Capital Work in Progress: 32
: 5
: 0
: 0
Cash & Bank: 375
: 1,362
Total Assets: 2,723
Total Debt: 662
Net Working Capital: 509
Contingent Liabilities: 96
Book Value per Share: 643.76
Face Value: 10.00
Total Debt: 662
Net Working Capital: 509
Contingent Liabilities: 96
Book Value per Share: 643.76
Face Value: 10.00

Mar 2018

Equity Capital: 21
: 1,498
: 385
Trade Payables: 186
: 827
Total Liabilities: 2,917
: 919
Capital Work in Progress: 1
: 11
: 0
: 0
Cash & Bank: 475
: 1,511
Total Assets: 2,917
Total Debt: 585
Net Working Capital: 526
Contingent Liabilities: 287
Book Value per Share: 730.10
Face Value: 10.00
Total Debt: 585
Net Working Capital: 526
Contingent Liabilities: 287
Book Value per Share: 730.10
Face Value: 10.00

Mar 2019

Equity Capital: 21
: 1,622
: 225
Trade Payables: 241
: 1,179
Total Liabilities: 3,288
: 1,033
Capital Work in Progress: 5
: 15
: 0
: 0
Cash & Bank: 327
: 1,908
Total Assets: 3,288
Total Debt: 602
Net Working Capital: 805
Contingent Liabilities: 289
Book Value per Share: 788.24
Face Value: 10.00
Total Debt: 602
Net Working Capital: 805
Contingent Liabilities: 289
Book Value per Share: 788.24
Face Value: 10.00

Mar 2020

Equity Capital: 21
: 1,698
: 418
Trade Payables: 282
: 2,028
Total Liabilities: 4,447
: 1,733
Capital Work in Progress: 5
: 10
: 0
: 0
Cash & Bank: 535
: 2,164
Total Assets: 4,447
Total Debt: 1,448
Net Working Capital: 959
Contingent Liabilities: 265
Book Value per Share: 823.79
Face Value: 10.00
Total Debt: 1,448
Net Working Capital: 959
Contingent Liabilities: 265
Book Value per Share: 823.79
Face Value: 10.00

Mar 2021

Equity Capital: 21
: 2,063
: 324
Trade Payables: 384
: 2,075
Total Liabilities: 4,867
: 1,578
Capital Work in Progress: 3
: 5
: 0
: 0
Cash & Bank: 536
: 2,745
Total Assets: 4,867
Total Debt: 1,179
Net Working Capital: 1,279
Contingent Liabilities: 272
Book Value per Share: 998.32
Face Value: 10.00
Total Debt: 1,179
Net Working Capital: 1,279
Contingent Liabilities: 272
Book Value per Share: 998.32
Face Value: 10.00

Mar 2022

Equity Capital: 42
: 8,023
: 685
Trade Payables: 630
: 2,832
Total Liabilities: 12,212
: 2,174
Capital Work in Progress: 9
: 2,482
: 12
: 0
Cash & Bank: 3,570
: 3,965
Total Assets: 12,212
Total Debt: 972
Net Working Capital: 3,395
Contingent Liabilities: 1,238
Book Value per Share: 1929.56
Face Value: 10.00
Total Debt: 972
Net Working Capital: 3,395
Contingent Liabilities: 1,238
Book Value per Share: 1929.56
Face Value: 10.00

Mar 2023

Equity Capital: 53
: 8,494
: 226
Trade Payables: 417
: 2,961
Total Liabilities: 12,151
: 2,789
Capital Work in Progress: 13
: 2,753
: 17
: 0
Cash & Bank: 1,210
: 5,369
Total Assets: 12,151
Total Debt: 569
Net Working Capital: 3,172
Contingent Liabilities: 1,297
Book Value per Share: 1627.26
Face Value: 10.00
Total Debt: 569
Net Working Capital: 3,172
Contingent Liabilities: 1,297
Book Value per Share: 1627.26
Face Value: 10.00

Mar 2024

Equity Capital: 47
: 7,441
: 1,436
Trade Payables: 296
: 2,540
Total Liabilities: 11,760
: 2,734
Capital Work in Progress: 8
: 3,300
: 17
: 745
Cash & Bank: 881
: 4,076
Total Assets: 11,760
Total Debt: 1,643
Net Working Capital: 3,649
Contingent Liabilities: 2,230
Book Value per Share: 1609.57
Face Value: 10.00
Total Debt: 1,643
Net Working Capital: 3,649
Contingent Liabilities: 2,230
Book Value per Share: 1609.57
Face Value: 10.00

Mar 2025

Equity Capital: 47
: 7,662
: 766
Trade Payables: 509
: 3,096
Total Liabilities: 12,080
: 2,900
Capital Work in Progress: 9
: 3,643
: 26
: 764
Cash & Bank: 856
: 3,881
Total Assets: 12,080
Total Debt: 1,525
Net Working Capital: 5,144
Contingent Liabilities: 2,498
Book Value per Share: 1656.95
Face Value: 10.00
Total Debt: 1,525
Net Working Capital: 5,144
Contingent Liabilities: 2,498
Book Value per Share: 1656.95
Face Value: 10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	146	409	343	170	884	692	530	111	192	457
Cash from Investing	-197	-113	-60	-244	-404	-209	1,921	-88	174	502
Cash from Financing	-69	-246	-136	-83	-310	-476	-867	-1,108	-808	-898
	-120	50	147	-156	170	7	1,584	-1,085	-442	61
Free Cash Flow	146	304	332	-145	3	692	-427	-655	-34	-67
OCF / Net Profit	1.45	2.28	1.72	0.99	4.80	-11.81	-13.59	0.39	1.47	-3.88
Cumulative 5-Year FCF	0	0	0	0	639	1,185	454	-533	-422	-492
OCF / Net Profit	1.45	2.28	1.72	0.99	4.80	-11.81	-13.59	0.39	1.47	-3.88
Cumulative 5-Year FCF	0	0	0	0	639	1,185	454	-533	-422	-492

Mar 2016

: 146
Cash from Investing: -197
Cash from Financing: -69
: -120
Free Cash Flow: 146
OCF / Net Profit: 1.45
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.45
Cumulative 5-Year FCF: 0

Mar 2017

: 409
Cash from Investing: -113
Cash from Financing: -246
: 50
Free Cash Flow: 304
OCF / Net Profit: 2.28
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.28
Cumulative 5-Year FCF: 0

Mar 2018

: 343
Cash from Investing: -60
Cash from Financing: -136
: 147
Free Cash Flow: 332
OCF / Net Profit: 1.72
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.72
Cumulative 5-Year FCF: 0

Mar 2019

: 170
Cash from Investing: -244
Cash from Financing: -83
: -156
Free Cash Flow: -145
OCF / Net Profit: 0.99
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.99
Cumulative 5-Year FCF: 0

Mar 2020

: 884
Cash from Investing: -404
Cash from Financing: -310
: 170
Free Cash Flow: 3
OCF / Net Profit: 4.80
Cumulative 5-Year FCF: 639
OCF / Net Profit: 4.80
Cumulative 5-Year FCF: 639

Mar 2021

: 692
Cash from Investing: -209
Cash from Financing: -476
: 7
Free Cash Flow: 692
OCF / Net Profit: -11.81
Cumulative 5-Year FCF: 1,185
OCF / Net Profit: -11.81
Cumulative 5-Year FCF: 1,185

Mar 2022

: 530
Cash from Investing: 1,921
Cash from Financing: -867
: 1,584
Free Cash Flow: -427
OCF / Net Profit: -13.59
Cumulative 5-Year FCF: 454
OCF / Net Profit: -13.59
Cumulative 5-Year FCF: 454

Mar 2023

: 111
Cash from Investing: -88
Cash from Financing: -1,108
: -1,085
Free Cash Flow: -655
OCF / Net Profit: 0.39
Cumulative 5-Year FCF: -533
OCF / Net Profit: 0.39
Cumulative 5-Year FCF: -533

Mar 2024

: 192
Cash from Investing: 174
Cash from Financing: -808
: -442
Free Cash Flow: -34
OCF / Net Profit: 1.47
Cumulative 5-Year FCF: -422
OCF / Net Profit: 1.47
Cumulative 5-Year FCF: -422

Mar 2025

: 457
Cash from Investing: 502
Cash from Financing: -898
: 61
Free Cash Flow: -67
OCF / Net Profit: -3.88
Cumulative 5-Year FCF: -492
OCF / Net Profit: -3.88
Cumulative 5-Year FCF: -492

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	48.67	86.56	96.45	85.02	96.78	160.96	1446.78	63.22	28.63	26.10
Book Value (₹)	572.81	643.76	730.10	788.24	823.79	998.32	1929.56	1627.26	1609.57	1656.95
Dividend per Share (₹)	15.00	10.00	10.00	10.00	20.00	40.00	245.00	15.00	7.00	0.00
Cash EPS (₹)	57.11	77.71	81.82	84.26	113.89	14.07	73.13	141.57	142.97	87.06
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	10.15%	11.88%	11.49%	10.33%	14.52%	5.72%	11.07%	16.63%	7.80%	5.96%
Net Margin %	3.02%	4.83%	5.17%	3.86%	3.69%	-2.25%	-0.91%	6.40%	2.84%	-2.68%
ROE %	8.88%	14.21%	13.95%	10.93%	10.95%	-3.08%	-0.77%	3.47%	1.64%	-1.55%
ROCE %	10.73%	14.79%	14.09%	13.02%	15.20%	-2.42%	0.83%	3.60%	3.27%	3.21%
	4.23%	6.64%	7.06%	5.57%	4.76%	-1.26%	-0.46%	2.37%	1.10%	-0.99%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	48	45	61	81	79	156	83	58	58	63
Inventory Days	0	0	0	0	0	0	1	1	1	2
Payable Days	0	0	0	0	0	0	4471	4808	3246	2419
	48	45	61	81	79	156	-4387	-4748	-3186	-2355
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.70x	0.50x	0.39x	0.37x	0.84x	0.57x	0.12x	0.07x	0.22x	0.20x
Interest Coverage (x)	4.96x	6.93x	8.34x	7.11x	4.37x	-2.21x	0.32x	2.32x	1.59x	1.26x
	1.88x	1.73x	1.57x	1.95x	1.81x	2.00x	2.07x	2.65x	2.33x	3.20x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	18.29%	11.74%	3.73%	16.13%	11.54%	-47.82%	64.25%	5.42%	2.45%	-4.58%
Operating Profit Growth %	-0.08%	30.78%	0.35%	4.37%	56.81%	-79.45%	218.10%	58.34%	11.06%	-1.82%
Net Profit Growth %	-39.18%	78.54%	11.10%	-13.22%	6.52%	-131.83%	33.45%	839.09%	-54.48%	-189.83%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-54.72%	-8.84%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	25.82x	17.83x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.46x	0.28x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.95%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	5.05x	3.47x

Mar 2016

EPS (₹): 48.67
Book Value (₹): 572.81
Dividend per Share (₹): 15.00
Cash EPS (₹): 57.11
Operating Margin %: 10.15%
Net Margin %: 3.02%
ROE %: 8.88%
ROCE %: 10.73%
: 4.23%
Debtor Days: 48
Inventory Days: 0
Payable Days: 0
: 48
Debt to Equity (x): 0.70x
Interest Coverage (x): 4.96x
: 1.88x
Revenue Growth %: 18.29%
Operating Profit Growth %: -0.08%
Net Profit Growth %: -39.18%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 86.56
Book Value (₹): 643.76
Dividend per Share (₹): 10.00
Cash EPS (₹): 77.71
Operating Margin %: 11.88%
Net Margin %: 4.83%
ROE %: 14.21%
ROCE %: 14.79%
: 6.64%
Debtor Days: 45
Inventory Days: 0
Payable Days: 0
: 45
Debt to Equity (x): 0.50x
Interest Coverage (x): 6.93x
: 1.73x
Revenue Growth %: 11.74%
Operating Profit Growth %: 30.78%
Net Profit Growth %: 78.54%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 96.45
Book Value (₹): 730.10
Dividend per Share (₹): 10.00
Cash EPS (₹): 81.82
Operating Margin %: 11.49%
Net Margin %: 5.17%
ROE %: 13.95%
ROCE %: 14.09%
: 7.06%
Debtor Days: 61
Inventory Days: 0
Payable Days: 0
: 61
Debt to Equity (x): 0.39x
Interest Coverage (x): 8.34x
: 1.57x
Revenue Growth %: 3.73%
Operating Profit Growth %: 0.35%
Net Profit Growth %: 11.10%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 85.02
Book Value (₹): 788.24
Dividend per Share (₹): 10.00
Cash EPS (₹): 84.26
Operating Margin %: 10.33%
Net Margin %: 3.86%
ROE %: 10.93%
ROCE %: 13.02%
: 5.57%
Debtor Days: 81
Inventory Days: 0
Payable Days: 0
: 81
Debt to Equity (x): 0.37x
Interest Coverage (x): 7.11x
: 1.95x
Revenue Growth %: 16.13%
Operating Profit Growth %: 4.37%
Net Profit Growth %: -13.22%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 96.78
Book Value (₹): 823.79
Dividend per Share (₹): 20.00
Cash EPS (₹): 113.89
Operating Margin %: 14.52%
Net Margin %: 3.69%
ROE %: 10.95%
ROCE %: 15.20%
: 4.76%
Debtor Days: 79
Inventory Days: 0
Payable Days: 0
: 79
Debt to Equity (x): 0.84x
Interest Coverage (x): 4.37x
: 1.81x
Revenue Growth %: 11.54%
Operating Profit Growth %: 56.81%
Net Profit Growth %: 6.52%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 160.96
Book Value (₹): 998.32
Dividend per Share (₹): 40.00
Cash EPS (₹): 14.07
Operating Margin %: 5.72%
Net Margin %: -2.25%
ROE %: -3.08%
ROCE %: -2.42%
: -1.26%
Debtor Days: 156
Inventory Days: 0
Payable Days: 0
: 156
Debt to Equity (x): 0.57x
Interest Coverage (x): -2.21x
: 2.00x
Revenue Growth %: -47.82%
Operating Profit Growth %: -79.45%
Net Profit Growth %: -131.83%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 1446.78
Book Value (₹): 1929.56
Dividend per Share (₹): 245.00
Cash EPS (₹): 73.13
Operating Margin %: 11.07%
Net Margin %: -0.91%
ROE %: -0.77%
ROCE %: 0.83%
: -0.46%
Debtor Days: 83
Inventory Days: 1
Payable Days: 4471
: -4387
Debt to Equity (x): 0.12x
Interest Coverage (x): 0.32x
: 2.07x
Revenue Growth %: 64.25%
Operating Profit Growth %: 218.10%
Net Profit Growth %: 33.45%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 63.22
Book Value (₹): 1627.26
Dividend per Share (₹): 15.00
Cash EPS (₹): 141.57
Operating Margin %: 16.63%
Net Margin %: 6.40%
ROE %: 3.47%
ROCE %: 3.60%
: 2.37%
Debtor Days: 58
Inventory Days: 1
Payable Days: 4808
: -4748
Debt to Equity (x): 0.07x
Interest Coverage (x): 2.32x
: 2.65x
Revenue Growth %: 5.42%
Operating Profit Growth %: 58.34%
Net Profit Growth %: 839.09%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 28.63
Book Value (₹): 1609.57
Dividend per Share (₹): 7.00
Cash EPS (₹): 142.97
Operating Margin %: 7.80%
Net Margin %: 2.84%
ROE %: 1.64%
ROCE %: 3.27%
: 1.10%
Debtor Days: 58
Inventory Days: 1
Payable Days: 3246
: -3186
Debt to Equity (x): 0.22x
Interest Coverage (x): 1.59x
: 2.33x
Revenue Growth %: 2.45%
Operating Profit Growth %: 11.06%
Net Profit Growth %: -54.48%
: -54.72%
P/E (x): 25.82x
P/B (x): 0.46x
Dividend Yield %: 0.95%
: 5.05x

Mar 2025

EPS (₹): 26.10
Book Value (₹): 1656.95
Dividend per Share (₹): 0.00
Cash EPS (₹): 87.06
Operating Margin %: 5.96%
Net Margin %: -2.68%
ROE %: -1.55%
ROCE %: 3.21%
: -0.99%
Debtor Days: 63
Inventory Days: 2
Payable Days: 2419
: -2355
Debt to Equity (x): 0.20x
Interest Coverage (x): 1.26x
: 3.20x
Revenue Growth %: -4.58%
Operating Profit Growth %: -1.82%
Net Profit Growth %: -189.83%
: -8.84%
P/E (x): 17.83x
P/B (x): 0.28x
Dividend Yield %: 0.00%
: 3.47x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.99	67.99	67.99	67.99	67.99	67.99	67.99	67.99	67.99
	12.51	12.88	11.98	11.93	11.83	11.83	11.82	11.77	11.73
	0.23	0.23	0.23	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	19.28	18.91	19.81	20.08	20.18	20.19	20.15	20.20	20.23

Jun 2024

: 67.99
: 12.51
: 0.23
Government: 0.00
: 19.28

Sep 2024

: 67.99
: 12.88
: 0.23
Government: 0.00
: 18.91

Dec 2024

: 67.99
: 11.98
: 0.23
Government: 0.00
: 19.81

Mar 2025

: 67.99
: 11.93
: 0.00
Government: 0.00
: 20.08

Jun 2025

: 67.99
: 11.83
: 0.00
Government: 0.00
: 20.18

Sep 2025

: 67.99
: 11.83
: 0.00
Government: 0.00
: 20.19

Dec 2025

: 67.99
: 11.82
: 0.00
Government: 0.00
: 20.15

Mar 2026

: 67.99
: 11.77
: 0.00
Government: 0.00
: 20.20

Jun 2026

: 67.99
: 11.73
: 0.00
Government: 0.00
: 20.23

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