Nirlon Ltd.

•

₹ 624.750.02%

2026-08-21

nirlonltd.comBSE: 500307NSE: NIRLON

Market Cap₹ 5,618 Cr.

Current Price₹ 625

High / Low₹ 657 / 516

Stock P/E0.0

Book Value₹ 60

Price to Book9.64

Dividend Yield4.81 %

ROCE30.8 %

ROE83.8 %

Face Value₹ 10

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ABOUT

KEY POINTS

PROS

Company has delivered good profit growth of 22.1% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 65.6%
Company has a healthy return on capital (ROCE) of 29.5%
Company has delivered good sales growth of 16.1% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.80x)

CONS

Company has a high debt-to-equity of 2.45x
Working capital days have increased from -26 to 80 days
Stock is trading at 9.6x its book value

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

Peer comparison

EDIT COLUMNS

ConstructionInfrastructureEngineering - Construction

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.	LT	4030.10	33.42	554487.79	0.94	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	223.10	51.71	46516.80	0.32	1595.20	1087.26	43212.30	1005.52	10.81	4.41
3.	KPIL	1377.05	20.69	23516.23	0.80	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	18.97	24.01	22911.97	0.69	3062.70	1412.58	21372.72	918.25	24.76	53.93
5.	CEMPRO	1263.50	36.08	21705.36	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	236.95	16.98	13317.59	2.11	157.94	141.49	819.84	-5.80	25.84	20.61
7.	TECHNOE	997.70	26.92	11603.21	0.70	93.33	-31.44	630.34	19.84	16.54	15.79
8.	IRCON	122.60	22.02	11530.72	1.55	92.03	-43.92	1955.83	9.49	12.69	9.81
9.	KEC	423.05	20.34	11261.59	1.30	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	AFCONS	277.95	70.65	10222.57	0.72	30.30	-77.95	2671.00	-20.75	12.88	9.42
11.	WAAREERTL	880.80	18.09	9193.72	0.00	118.98	37.72	924.25	53.23	81.92	18.77
12.	NIRLON	623.35	0.00	5617.51	4.81	69.38	18.78	168.31	3.25	30.77	76.76

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	148	149	152	153	157	160	161	158	163	165	170	171	168
	32	30	32	32	36	32	30	35	35	36	38	39	79
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	1	1	1	1	1	2	3	3	4	4	3	3	4
Interest	30	30	30	33	30	30	29	28	28	26	28	26	26
Depreciation	14	14	14	15	14	14	14	13	14	14	14	14	14
	73	77	77	75	78	87	90	84	90	93	93	96	93
Tax %	31.70%	31.57%	31.94%	32.11%	36.03%	34.95%	35.03%	36.19%	35.22%	-58.72%	25.63%	26.12%	25.64%
Net Profit	50	52	52	51	50	56	58	54	58	148	69	71	69
	6	6	6	6	6	6	6	6	6	16	8	8	1
Equity Capital	90	90	90	90	90	90	90	90	90	90	90	90	90
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	90	90	90	90	90	90	90	90	90	90	90	90	90
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%

Jun 2023

: 148
: 32
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 30
Depreciation: 14
: 73
Tax %: 31.70%
Net Profit: 50
: 6
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 149
: 30
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 30
Depreciation: 14
: 77
Tax %: 31.57%
Net Profit: 52
: 6
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 152
: 32
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 30
Depreciation: 14
: 77
Tax %: 31.94%
Net Profit: 52
: 6
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 153
: 32
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 33
Depreciation: 15
: 75
Tax %: 32.11%
Net Profit: 51
: 6
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 157
: 36
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 30
Depreciation: 14
: 78
Tax %: 36.03%
Net Profit: 50
: 6
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 160
: 32
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 30
Depreciation: 14
: 87
Tax %: 34.95%
Net Profit: 56
: 6
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 161
: 30
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 29
Depreciation: 14
: 90
Tax %: 35.03%
Net Profit: 58
: 6
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 158
: 35
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 28
Depreciation: 13
: 84
Tax %: 36.19%
Net Profit: 54
: 6
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 163
: 35
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 28
Depreciation: 14
: 90
Tax %: 35.22%
Net Profit: 58
: 6
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 165
: 36
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 26
Depreciation: 14
: 93
Tax %: -58.72%
Net Profit: 148
: 16
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 170
: 38
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 28
Depreciation: 14
: 93
Tax %: 25.63%
Net Profit: 69
: 8
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 171
: 39
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 26
Depreciation: 14
: 96
Tax %: 26.12%
Net Profit: 71
: 8
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 168
: 79
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 26
Depreciation: 14
: 93
Tax %: 25.64%
Net Profit: 69
: 1
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 90
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	288	291	299	310	317	384	573	603	636	669	674
	66	71	73	79	80	87	115	126	133	148	192
Operating Profit	227	223	227	232	240	300	461	481	512	535	—
OPM %	79	77	76	75	76	78	81	80	80	80	—
Other Income	5	3	1	1	2	3	3	4	9	14	14
Interest	78	66	70	32	14	35	126	123	117	108	106
Depreciation	71	72	59	53	49	75	103	56	56	56	56
	78	85	99	146	177	190	233	302	338	372	375
Tax %	35	35	36	25	28	42	32	32	36	7	5
Net Profit	51	56	64	109	127	111	158	206	218	346	357
EPS	6	6	7	12	14	12	18	23	24	38	—
Dividend Payout %	13	12	11	6	57	211	148	114	107	78	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	6	6	7	12	14	12	18	23	24	38	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	6	6	7	12	14	12	18	23	24	38	—

Mar 2017

: 288
: 66
Operating Profit: 227
OPM %: 79
Other Income: 5
Interest: 78
Depreciation: 71
: 78
Tax %: 35
Net Profit: 51
EPS: 6
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2018

: 291
: 71
Operating Profit: 223
OPM %: 77
Other Income: 3
Interest: 66
Depreciation: 72
: 85
Tax %: 35
Net Profit: 56
EPS: 6
Dividend Payout %: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2019

: 299
: 73
Operating Profit: 227
OPM %: 76
Other Income: 1
Interest: 70
Depreciation: 59
: 99
Tax %: 36
Net Profit: 64
EPS: 7
Dividend Payout %: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 7
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 7

Mar 2020

: 310
: 79
Operating Profit: 232
OPM %: 75
Other Income: 1
Interest: 32
Depreciation: 53
: 146
Tax %: 25
Net Profit: 109
EPS: 12
Dividend Payout %: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12

Mar 2021

: 317
: 80
Operating Profit: 240
OPM %: 76
Other Income: 2
Interest: 14
Depreciation: 49
: 177
Tax %: 28
Net Profit: 127
EPS: 14
Dividend Payout %: 57
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14

Mar 2022

: 384
: 87
Operating Profit: 300
OPM %: 78
Other Income: 3
Interest: 35
Depreciation: 75
: 190
Tax %: 42
Net Profit: 111
EPS: 12
Dividend Payout %: 211
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12

Mar 2023

: 573
: 115
Operating Profit: 461
OPM %: 81
Other Income: 3
Interest: 126
Depreciation: 103
: 233
Tax %: 32
Net Profit: 158
EPS: 18
Dividend Payout %: 148
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 18

Mar 2024

: 603
: 126
Operating Profit: 481
OPM %: 80
Other Income: 4
Interest: 123
Depreciation: 56
: 302
Tax %: 32
Net Profit: 206
EPS: 23
Dividend Payout %: 114
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 23
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 23

Mar 2025

: 636
: 133
Operating Profit: 512
OPM %: 80
Other Income: 9
Interest: 117
Depreciation: 56
: 338
Tax %: 36
Net Profit: 218
EPS: 24
Dividend Payout %: 107
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 24
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 24

Mar 2026

: 669
: 148
Operating Profit: 535
OPM %: 80
Other Income: 14
Interest: 108
Depreciation: 56
: 372
Tax %: 7
Net Profit: 346
EPS: 38
Dividend Payout %: 78
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 38
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 38

TTM

: 674
: 192
Operating Profit: —
OPM %: —
Other Income: 14
Interest: 106
Depreciation: 56
: 375
Tax %: 5
Net Profit: 357
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 16%
3 Years:: 5%

COMPOUNDED PROFIT GROWTH

10 Years:: 23%
5 Years:: 22%
3 Years:: 30%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 36%
5 Years:: 51%
3 Years:: 66%
Last Year:: 84%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	90	90	90	90	90	90	90	90	90	90
	283	207	262	364	484	388	312	283	267	378
	94	0	0	26	0	85	0	0	0	0
Trade Payables	7	8	8	9	7	26	17	13	21	16
	757	868	1,160	1,390	1,430	1,746	1,683	1,740	2,100	2,145
Total Liabilities	1,231	1,173	1,520	1,878	2,012	2,335	2,101	2,126	2,478	2,630
ASSETS	-	-	-	-	-	-	-	-	-	-
	1	1	1	0	0	0	0	0	0	0
Capital Work in Progress	55	141	559	948	1,140	13	6	3	9	7
	0	0	0	0	0	0	0	3	4	3
Cash & Bank	17	38	5	13	3	100	23	61	174	298
	1,158	993	955	917	868	2,221	2,072	2,059	2,291	2,322
Total Assets	1,231	1,173	1,520	1,878	2,012	2,335	2,101	2,126	2,478	2,630
Total Debt	608	611	853	989	978	1,178	1,145	1,146	1,146	1,147
Net Working Capital	-117	-16	-71	-79	-108	-182	-162	-116	-46	147
Contingent Liabilities	11	10	9	5	5	5	5	11	11	18
Book Value per Share	41.38	32.95	39.11	50.36	63.74	53.04	44.59	41.40	39.61	52.00
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	608	611	853	989	978	1,178	1,145	1,146	1,146	1,147
Net Working Capital	-117	-16	-71	-79	-108	-182	-162	-116	-46	147
Contingent Liabilities	11	10	9	5	5	5	5	11	11	18
Book Value per Share	41.38	32.95	39.11	50.36	63.74	53.04	44.59	41.40	39.61	52.00
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2017

Equity Capital: 90
: 283
: 94
Trade Payables: 7
: 757
Total Liabilities: 1,231
: 1
Capital Work in Progress: 55
: 0
Cash & Bank: 17
: 1,158
Total Assets: 1,231
Total Debt: 608
Net Working Capital: -117
Contingent Liabilities: 11
Book Value per Share: 41.38
Face Value: 10.00
Total Debt: 608
Net Working Capital: -117
Contingent Liabilities: 11
Book Value per Share: 41.38
Face Value: 10.00

Mar 2018

Equity Capital: 90
: 207
: 0
Trade Payables: 8
: 868
Total Liabilities: 1,173
: 1
Capital Work in Progress: 141
: 0
Cash & Bank: 38
: 993
Total Assets: 1,173
Total Debt: 611
Net Working Capital: -16
Contingent Liabilities: 10
Book Value per Share: 32.95
Face Value: 10.00
Total Debt: 611
Net Working Capital: -16
Contingent Liabilities: 10
Book Value per Share: 32.95
Face Value: 10.00

Mar 2019

Equity Capital: 90
: 262
: 0
Trade Payables: 8
: 1,160
Total Liabilities: 1,520
: 1
Capital Work in Progress: 559
: 0
Cash & Bank: 5
: 955
Total Assets: 1,520
Total Debt: 853
Net Working Capital: -71
Contingent Liabilities: 9
Book Value per Share: 39.11
Face Value: 10.00
Total Debt: 853
Net Working Capital: -71
Contingent Liabilities: 9
Book Value per Share: 39.11
Face Value: 10.00

Mar 2020

Equity Capital: 90
: 364
: 26
Trade Payables: 9
: 1,390
Total Liabilities: 1,878
: 0
Capital Work in Progress: 948
: 0
Cash & Bank: 13
: 917
Total Assets: 1,878
Total Debt: 989
Net Working Capital: -79
Contingent Liabilities: 5
Book Value per Share: 50.36
Face Value: 10.00
Total Debt: 989
Net Working Capital: -79
Contingent Liabilities: 5
Book Value per Share: 50.36
Face Value: 10.00

Mar 2021

Equity Capital: 90
: 484
: 0
Trade Payables: 7
: 1,430
Total Liabilities: 2,012
: 0
Capital Work in Progress: 1,140
: 0
Cash & Bank: 3
: 868
Total Assets: 2,012
Total Debt: 978
Net Working Capital: -108
Contingent Liabilities: 5
Book Value per Share: 63.74
Face Value: 10.00
Total Debt: 978
Net Working Capital: -108
Contingent Liabilities: 5
Book Value per Share: 63.74
Face Value: 10.00

Mar 2022

Equity Capital: 90
: 388
: 85
Trade Payables: 26
: 1,746
Total Liabilities: 2,335
: 0
Capital Work in Progress: 13
: 0
Cash & Bank: 100
: 2,221
Total Assets: 2,335
Total Debt: 1,178
Net Working Capital: -182
Contingent Liabilities: 5
Book Value per Share: 53.04
Face Value: 10.00
Total Debt: 1,178
Net Working Capital: -182
Contingent Liabilities: 5
Book Value per Share: 53.04
Face Value: 10.00

Mar 2023

Equity Capital: 90
: 312
: 0
Trade Payables: 17
: 1,683
Total Liabilities: 2,101
: 0
Capital Work in Progress: 6
: 0
Cash & Bank: 23
: 2,072
Total Assets: 2,101
Total Debt: 1,145
Net Working Capital: -162
Contingent Liabilities: 5
Book Value per Share: 44.59
Face Value: 10.00
Total Debt: 1,145
Net Working Capital: -162
Contingent Liabilities: 5
Book Value per Share: 44.59
Face Value: 10.00

Mar 2024

Equity Capital: 90
: 283
: 0
Trade Payables: 13
: 1,740
Total Liabilities: 2,126
: 0
Capital Work in Progress: 3
: 3
Cash & Bank: 61
: 2,059
Total Assets: 2,126
Total Debt: 1,146
Net Working Capital: -116
Contingent Liabilities: 11
Book Value per Share: 41.40
Face Value: 10.00
Total Debt: 1,146
Net Working Capital: -116
Contingent Liabilities: 11
Book Value per Share: 41.40
Face Value: 10.00

Mar 2025

Equity Capital: 90
: 267
: 0
Trade Payables: 21
: 2,100
Total Liabilities: 2,478
: 0
Capital Work in Progress: 9
: 4
Cash & Bank: 174
: 2,291
Total Assets: 2,478
Total Debt: 1,146
Net Working Capital: -46
Contingent Liabilities: 11
Book Value per Share: 39.61
Face Value: 10.00
Total Debt: 1,146
Net Working Capital: -46
Contingent Liabilities: 11
Book Value per Share: 39.61
Face Value: 10.00

Mar 2026

Equity Capital: 90
: 378
: 0
Trade Payables: 16
: 2,145
Total Liabilities: 2,630
: 0
Capital Work in Progress: 7
: 3
Cash & Bank: 298
: 2,322
Total Assets: 2,630
Total Debt: 1,147
Net Working Capital: 147
Contingent Liabilities: 18
Book Value per Share: 52.00
Face Value: 10.00
Total Debt: 1,147
Net Working Capital: 147
Contingent Liabilities: 18
Book Value per Share: 52.00
Face Value: 10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	217	212	224	311	209	340	377	425	480	477
Cash from Investing	-63	-118	-405	-325	-120	-159	-90	-51	-38	-309
Cash from Financing	-140	-74	148	22	-100	-86	-365	-337	-332	-322
	14	20	-33	8	-10	95	-79	37	110	-154
Free Cash Flow	217	126	-194	-78	17	340	377	425	474	477
OCF / Net Profit	4.25	3.81	3.52	2.84	1.64	3.07	2.38	2.07	2.20	1.38
Cumulative 5-Year FCF	0	0	0	0	89	212	462	1,081	1,633	2,093
OCF / Net Profit	4.25	3.81	3.52	2.84	1.64	3.07	2.38	2.07	2.20	1.38
Cumulative 5-Year FCF	0	0	0	0	89	212	462	1,081	1,633	2,093

Mar 2017

: 217
Cash from Investing: -63
Cash from Financing: -140
: 14
Free Cash Flow: 217
OCF / Net Profit: 4.25
Cumulative 5-Year FCF: 0
OCF / Net Profit: 4.25
Cumulative 5-Year FCF: 0

Mar 2018

: 212
Cash from Investing: -118
Cash from Financing: -74
: 20
Free Cash Flow: 126
OCF / Net Profit: 3.81
Cumulative 5-Year FCF: 0
OCF / Net Profit: 3.81
Cumulative 5-Year FCF: 0

Mar 2019

: 224
Cash from Investing: -405
Cash from Financing: 148
: -33
Free Cash Flow: -194
OCF / Net Profit: 3.52
Cumulative 5-Year FCF: 0
OCF / Net Profit: 3.52
Cumulative 5-Year FCF: 0

Mar 2020

: 311
Cash from Investing: -325
Cash from Financing: 22
: 8
Free Cash Flow: -78
OCF / Net Profit: 2.84
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.84
Cumulative 5-Year FCF: 0

Mar 2021

: 209
Cash from Investing: -120
Cash from Financing: -100
: -10
Free Cash Flow: 17
OCF / Net Profit: 1.64
Cumulative 5-Year FCF: 89
OCF / Net Profit: 1.64
Cumulative 5-Year FCF: 89

Mar 2022

: 340
Cash from Investing: -159
Cash from Financing: -86
: 95
Free Cash Flow: 340
OCF / Net Profit: 3.07
Cumulative 5-Year FCF: 212
OCF / Net Profit: 3.07
Cumulative 5-Year FCF: 212

Mar 2023

: 377
Cash from Investing: -90
Cash from Financing: -365
: -79
Free Cash Flow: 377
OCF / Net Profit: 2.38
Cumulative 5-Year FCF: 462
OCF / Net Profit: 2.38
Cumulative 5-Year FCF: 462

Mar 2024

: 425
Cash from Investing: -51
Cash from Financing: -337
: 37
Free Cash Flow: 425
OCF / Net Profit: 2.07
Cumulative 5-Year FCF: 1,081
OCF / Net Profit: 2.07
Cumulative 5-Year FCF: 1,081

Mar 2025

: 480
Cash from Investing: -38
Cash from Financing: -332
: 110
Free Cash Flow: 474
OCF / Net Profit: 2.20
Cumulative 5-Year FCF: 1,633
OCF / Net Profit: 2.20
Cumulative 5-Year FCF: 1,633

Mar 2026

: 477
Cash from Investing: -309
Cash from Financing: -322
: -154
Free Cash Flow: 477
OCF / Net Profit: 1.38
Cumulative 5-Year FCF: 2,093
OCF / Net Profit: 1.38
Cumulative 5-Year FCF: 2,093

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	5.67	6.18	7.07	12.15	14.14	12.30	17.52	22.81	24.21	38.39
Book Value (₹)	41.38	32.95	39.11	50.36	63.74	53.04	44.59	41.40	39.61	52.00
Dividend per Share (₹)	0.75	0.75	0.75	0.75	8.00	26.00	26.00	26.00	26.00	30.00
Cash EPS (₹)	13.51	14.19	13.60	18.06	19.54	20.67	28.93	29.07	30.46	44.56
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	78.80%	76.70%	76.14%	74.80%	75.62%	78.17%	80.50%	79.12%	79.06%	77.89%
Net Margin %	17.76%	19.15%	21.32%	35.31%	40.20%	28.86%	27.58%	34.08%	34.30%	51.70%
ROE %	15.64%	16.63%	19.61%	27.16%	24.78%	21.06%	35.90%	53.06%	59.78%	83.82%
ROCE %	16.21%	15.97%	15.95%	13.49%	12.75%	14.00%	22.37%	27.73%	30.14%	30.77%
	2.84%	4.63%	4.73%	6.44%	6.55%	5.10%	7.12%	9.72%	9.48%	13.55%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	5	4	3	4	3	2	2	2	2	2
Inventory Days	0	0	0	0	0	0	0	0	0	0
Payable Days	0	0	0	0	0	0	0	0	0	0
	5	4	3	4	3	2	2	2	2	2
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	1.63x	2.06x	2.42x	2.18x	1.70x	2.47x	2.85x	3.07x	3.21x	2.45x
Interest Coverage (x)	2.00x	2.30x	2.42x	5.56x	13.61x	6.49x	2.85x	3.44x	3.89x	4.45x
	0.29x	0.82x	0.36x	0.40x	0.17x	0.48x	0.20x	0.40x	0.82x	1.55x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	-0.42%	1.09%	2.71%	3.80%	2.23%	21.15%	49.15%	5.32%	5.46%	5.20%
Operating Profit Growth %	1.01%	-1.60%	1.96%	1.97%	3.36%	25.24%	53.59%	4.44%	6.30%	4.61%
Net Profit Growth %	17.25%	9.02%	14.34%	71.92%	16.38%	-13.03%	42.51%	30.17%	6.15%	58.57%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	30.17%	6.15%	58.57%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	18.70x	21.14x	13.06x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.30x	12.92x	9.64x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.10%	5.08%	5.99%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	10.24x	10.91x	10.02x

Mar 2017

EPS (₹): 5.67
Book Value (₹): 41.38
Dividend per Share (₹): 0.75
Cash EPS (₹): 13.51
Operating Margin %: 78.80%
Net Margin %: 17.76%
ROE %: 15.64%
ROCE %: 16.21%
: 2.84%
Debtor Days: 5
Inventory Days: 0
Payable Days: 0
: 5
Debt to Equity (x): 1.63x
Interest Coverage (x): 2.00x
: 0.29x
Revenue Growth %: -0.42%
Operating Profit Growth %: 1.01%
Net Profit Growth %: 17.25%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 6.18
Book Value (₹): 32.95
Dividend per Share (₹): 0.75
Cash EPS (₹): 14.19
Operating Margin %: 76.70%
Net Margin %: 19.15%
ROE %: 16.63%
ROCE %: 15.97%
: 4.63%
Debtor Days: 4
Inventory Days: 0
Payable Days: 0
: 4
Debt to Equity (x): 2.06x
Interest Coverage (x): 2.30x
: 0.82x
Revenue Growth %: 1.09%
Operating Profit Growth %: -1.60%
Net Profit Growth %: 9.02%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 7.07
Book Value (₹): 39.11
Dividend per Share (₹): 0.75
Cash EPS (₹): 13.60
Operating Margin %: 76.14%
Net Margin %: 21.32%
ROE %: 19.61%
ROCE %: 15.95%
: 4.73%
Debtor Days: 3
Inventory Days: 0
Payable Days: 0
: 3
Debt to Equity (x): 2.42x
Interest Coverage (x): 2.42x
: 0.36x
Revenue Growth %: 2.71%
Operating Profit Growth %: 1.96%
Net Profit Growth %: 14.34%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 12.15
Book Value (₹): 50.36
Dividend per Share (₹): 0.75
Cash EPS (₹): 18.06
Operating Margin %: 74.80%
Net Margin %: 35.31%
ROE %: 27.16%
ROCE %: 13.49%
: 6.44%
Debtor Days: 4
Inventory Days: 0
Payable Days: 0
: 4
Debt to Equity (x): 2.18x
Interest Coverage (x): 5.56x
: 0.40x
Revenue Growth %: 3.80%
Operating Profit Growth %: 1.97%
Net Profit Growth %: 71.92%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 14.14
Book Value (₹): 63.74
Dividend per Share (₹): 8.00
Cash EPS (₹): 19.54
Operating Margin %: 75.62%
Net Margin %: 40.20%
ROE %: 24.78%
ROCE %: 12.75%
: 6.55%
Debtor Days: 3
Inventory Days: 0
Payable Days: 0
: 3
Debt to Equity (x): 1.70x
Interest Coverage (x): 13.61x
: 0.17x
Revenue Growth %: 2.23%
Operating Profit Growth %: 3.36%
Net Profit Growth %: 16.38%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 12.30
Book Value (₹): 53.04
Dividend per Share (₹): 26.00
Cash EPS (₹): 20.67
Operating Margin %: 78.17%
Net Margin %: 28.86%
ROE %: 21.06%
ROCE %: 14.00%
: 5.10%
Debtor Days: 2
Inventory Days: 0
Payable Days: 0
: 2
Debt to Equity (x): 2.47x
Interest Coverage (x): 6.49x
: 0.48x
Revenue Growth %: 21.15%
Operating Profit Growth %: 25.24%
Net Profit Growth %: -13.03%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 17.52
Book Value (₹): 44.59
Dividend per Share (₹): 26.00
Cash EPS (₹): 28.93
Operating Margin %: 80.50%
Net Margin %: 27.58%
ROE %: 35.90%
ROCE %: 22.37%
: 7.12%
Debtor Days: 2
Inventory Days: 0
Payable Days: 0
: 2
Debt to Equity (x): 2.85x
Interest Coverage (x): 2.85x
: 0.20x
Revenue Growth %: 49.15%
Operating Profit Growth %: 53.59%
Net Profit Growth %: 42.51%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 22.81
Book Value (₹): 41.40
Dividend per Share (₹): 26.00
Cash EPS (₹): 29.07
Operating Margin %: 79.12%
Net Margin %: 34.08%
ROE %: 53.06%
ROCE %: 27.73%
: 9.72%
Debtor Days: 2
Inventory Days: 0
Payable Days: 0
: 2
Debt to Equity (x): 3.07x
Interest Coverage (x): 3.44x
: 0.40x
Revenue Growth %: 5.32%
Operating Profit Growth %: 4.44%
Net Profit Growth %: 30.17%
: 30.17%
P/E (x): 18.70x
P/B (x): 10.30x
Dividend Yield %: 6.10%
: 10.24x

Mar 2025

EPS (₹): 24.21
Book Value (₹): 39.61
Dividend per Share (₹): 26.00
Cash EPS (₹): 30.46
Operating Margin %: 79.06%
Net Margin %: 34.30%
ROE %: 59.78%
ROCE %: 30.14%
: 9.48%
Debtor Days: 2
Inventory Days: 0
Payable Days: 0
: 2
Debt to Equity (x): 3.21x
Interest Coverage (x): 3.89x
: 0.82x
Revenue Growth %: 5.46%
Operating Profit Growth %: 6.30%
Net Profit Growth %: 6.15%
: 6.15%
P/E (x): 21.14x
P/B (x): 12.92x
Dividend Yield %: 5.08%
: 10.91x

Mar 2026

EPS (₹): 38.39
Book Value (₹): 52.00
Dividend per Share (₹): 30.00
Cash EPS (₹): 44.56
Operating Margin %: 77.89%
Net Margin %: 51.70%
ROE %: 83.82%
ROCE %: 30.77%
: 13.55%
Debtor Days: 2
Inventory Days: 0
Payable Days: 0
: 2
Debt to Equity (x): 2.45x
Interest Coverage (x): 4.45x
: 1.55x
Revenue Growth %: 5.20%
Operating Profit Growth %: 4.61%
Net Profit Growth %: 58.57%
: 58.57%
P/E (x): 13.06x
P/B (x): 9.64x
Dividend Yield %: 5.99%
: 10.02x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.79	67.76	67.73	67.71	67.70	67.68	67.67	67.67	67.65
	10.46	10.36	10.48	11.98	12.25	13.29	13.33	15.78	4.49
	4.77	4.81	4.85	3.71	3.41	2.39	2.31	0.08	0.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	16.97	17.06	16.94	16.59	16.64	16.64	16.69	16.47	27.84

Jun 2024

: 67.79
: 10.46
: 4.77
Government: 0.00
: 16.97

Sep 2024

: 67.76
: 10.36
: 4.81
Government: 0.00
: 17.06

Dec 2024

: 67.73
: 10.48
: 4.85
Government: 0.00
: 16.94

Mar 2025

: 67.71
: 11.98
: 3.71
Government: 0.00
: 16.59

Jun 2025

: 67.70
: 12.25
: 3.41
Government: 0.00
: 16.64

Sep 2025

: 67.68
: 13.29
: 2.39
Government: 0.00
: 16.64

Dec 2025

: 67.67
: 13.33
: 2.31
Government: 0.00
: 16.69

Mar 2026

: 67.67
: 15.78
: 0.08
Government: 0.00
: 16.47

Jun 2026

: 67.65
: 4.49
: 0.01
Government: 0.00
: 27.84

Documents

Announcements

Nothing filed yet.

Annual Reports

Credit Ratings

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Concalls

Aug 2026
Transcript PPTREC
May 2026
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Feb 2026
Transcript PPTREC