| Quarter | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 | 59 | 54 | 140 | 40 | -33 | -85 | 94 | -39 | -13 | 5 | 189 | |
Growth YoY Revenue Growth YoY% | 189.3 | 1,018.9 | 1,316.8 | 360.7 | 34.3 | -155.7 | -258.3 | -32.8 | -198.0 | 60.1 | 105.4 | 101.0 |
| 3 | 2 | 4 | 3 | 4 | 5 | 4 | 5 | 5 | 4 | 81 | 4 | |
| 27 | 57 | 49 | 137 | 36 | -38 | -89 | 89 | -44 | -17 | -76 | 185 | |
OPM OPM% | 90.9 | 96.8 | 92.0 | 97.5 | 89.3 | 114.2 | 104.5 | 95.0 | 112.8 | 129.1 | -1,662.8 | 97.7 |
| 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 4 | 5 | 5 | 8 |
Depreciation DepreciationCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
PBT PBTCr | 27 | 57 | 50 | 136 | 36 | -38 | -89 | 88 | -48 | -22 | -82 | 177 |
| 9 | 16 | 34 | 23 | 7 | 2 | -20 | 18 | -10 | -5 | -18 | 35 | |
| 18 | 41 | 16 | 114 | 29 | -40 | -70 | 70 | -39 | -17 | -64 | 143 | |
Growth YoY PAT Growth YoY% | 124.6 | 995.5 | 443.7 | 395.5 | 62.1 | -197.5 | -532.4 | -38.2 | -233.9 | 56.8 | 8.6 | 102.7 |
NPM NPM% | 59.4 | 69.3 | 30.1 | 81.2 | 71.7 | 121.4 | 82.2 | 74.7 | 97.9 | 131.7 | -1,388.7 | 75.4 |
| 2.0 | 4.7 | 1.8 | 13.0 | 3.3 | -4.6 | -8.0 | 8.0 | -4.4 | -2.0 | -7.3 | 16.3 |
| Quarter | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 | 59 | 54 | 140 | 40 | -33 | -85 | 94 | -39 | -13 | 5 | 189 | |
Growth YoY Revenue Growth YoY% | 189.3 | 1,018.9 | 1,316.8 | 360.7 | 34.3 | -155.7 | -258.3 | -32.8 | -198.0 | 60.1 | 105.4 | 101.0 |
| 3 | 2 | 4 | 3 | 4 | 5 | 4 | 5 | 5 | 4 | 81 | 4 | |
| 27 | 57 | 49 | 137 | 36 | -38 | -89 | 89 | -44 | -17 | -76 | 185 | |
OPM OPM% | 90.9 | 96.8 | 92.0 | 97.5 | 89.3 | 114.2 | 104.5 | 95.0 | 112.8 | 129.1 | -1,662.8 | 97.7 |
| 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 4 | 5 | 5 | 8 |
Depreciation DepreciationCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
PBT PBTCr | 27 | 57 | 50 | 136 | 36 | -38 | -89 | 88 | -48 | -22 | -82 | 177 |
| 9 | 16 | 34 | 23 | 7 | 2 | -20 | 18 | -10 | -5 | -18 | 35 | |
| 18 | 41 | 16 | 114 | 29 | -40 | -70 | 70 | -39 | -17 | -64 | 143 | |
Growth YoY PAT Growth YoY% | 124.6 | 995.5 | 443.7 | 395.5 | 62.1 | -197.5 | -532.4 | -38.2 | -233.9 | 56.8 | 8.6 | 102.7 |
NPM NPM% | 59.4 | 69.3 | 30.1 | 81.2 | 71.7 | 121.4 | 82.2 | 74.7 | 97.9 | 131.7 | -1,388.7 | 75.4 |
| 2.0 | 4.7 | 1.8 | 13.0 | 3.3 | -4.6 | -8.0 | 8.0 | -4.4 | -2.0 | -7.3 | 16.3 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue RevenueCr | 1 | 5 | 6 | 7 | 6 | 24 | 15 | 13 | 173 | 63 | 16 | 141 |
Growth Revenue Growth% | -91.0 | 483.4 | 15.3 | 13.7 | -20.0 | 330.4 | -35.0 | -13.4 | 1,199.8 | -63.9 | -74.5 | 752.0 |
| 3 | 4 | 3 | 5 | 14 | 3 | 3 | 10 | 11 | 16 | 64 | 94 | |
| -2 | 2 | 3 | 2 | -9 | 21 | 13 | 3 | 163 | 46 | -48 | 47 | |
OPM OPM% | -178.7 | 29.7 | 52.9 | 25.4 | -156.6 | 89.1 | 82.8 | 24.2 | 93.9 | 74.1 | -301.6 | 33.5 |
| 8 | 1 | 2 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | |
Interest Expense Interest ExpenseCr | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 15 | 22 |
Depreciation DepreciationCr | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
PBT PBTCr | 5 | 1 | 4 | 1 | -9 | 21 | 12 | 3 | 163 | 45 | -64 | 25 |
| 0 | 0 | 0 | 0 | -3 | 5 | 3 | 1 | 65 | 12 | -15 | 2 | |
PAT PATCr | 5 | 1 | 3 | 0 | -6 | 16 | 10 | 2 | 98 | 33 | -49 | 23 |
Growth PAT Growth% | -50.7 | -86.1 | 406.7 | -88.9 | -1,739.6 | 345.3 | -38.1 | -77.1 | 4,331.6 | -66.3 | -248.9 | 320.3 |
NPM NPM% | 548.9 | 13.1 | 57.4 | 5.6 | -115.3 | 65.7 | 62.6 | 16.6 | 56.5 | 52.7 | -307.5 | 16.4 |
| 0.6 | 0.1 | 0.4 | 0.0 | -0.7 | 1.8 | 1.1 | 0.3 | 11.2 | 3.8 | -5.6 | 2.6 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue RevenueCr | 1 | 5 | 6 | 7 | 6 | 24 | 15 | 13 | 173 | 63 | 16 | 141 |
Growth Revenue Growth% | -91.0 | 483.4 | 15.3 | 13.7 | -20.0 | 330.4 | -35.0 | -13.4 | 1,199.8 | -63.9 | -74.5 | 752.0 |
| 3 | 4 | 3 | 5 | 14 | 3 | 3 | 10 | 11 | 16 | 64 | 94 | |
| -2 | 2 | 3 | 2 | -9 | 21 | 13 | 3 | 163 | 46 | -48 | 47 | |
OPM OPM% | -178.7 | 29.7 | 52.9 | 25.4 | -156.6 | 89.1 | 82.8 | 24.2 | 93.9 | 74.1 | -301.6 | 33.5 |
| 8 | 1 | 2 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | |
Interest Expense Interest ExpenseCr | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 15 | 22 |
Depreciation DepreciationCr | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
PBT PBTCr | 5 | 1 | 4 | 1 | -9 | 21 | 12 | 3 | 163 | 45 | -64 | 25 |
| 0 | 0 | 0 | 0 | -3 | 5 | 3 | 1 | 65 | 12 | -15 | 2 | |
PAT PATCr | 5 | 1 | 3 | 0 | -6 | 16 | 10 | 2 | 98 | 33 | -49 | 23 |
Growth PAT Growth% | -50.7 | -86.1 | 406.7 | -88.9 | -1,739.6 | 345.3 | -38.1 | -77.1 | 4,331.6 | -66.3 | -248.9 | 320.3 |
NPM NPM% | 548.9 | 13.1 | 57.4 | 5.6 | -115.3 | 65.7 | 62.6 | 16.6 | 56.5 | 52.7 | -307.5 | 16.4 |
| 0.6 | 0.1 | 0.4 | 0.0 | -0.7 | 1.8 | 1.1 | 0.3 | 11.2 | 3.8 | -5.6 | 2.6 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital Equity CapitalCr | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
Reserves ReservesCr | 125 | 124 | 128 | 286 | 238 | 371 | 459 | 428 | 654 | 686 | 640 |
| 5 | 33 | 3 | 3 | 2 | 4 | 20 | 1 | 3 | 2 | 3 | |
| 2 | 2 | 2 | 7 | 1 | 19 | 29 | 24 | 23 | 32 | 274 | |
| 149 | 177 | 150 | 314 | 259 | 412 | 525 | 471 | 697 | 738 | 934 | |
| 68 | 67 | 42 | 15 | 19 | 43 | 35 | 28 | 32 | 41 | 61 | |
| 81 | 110 | 109 | 299 | 240 | 369 | 490 | 443 | 665 | 698 | 873 | |
| 149 | 177 | 150 | 314 | 259 | 412 | 525 | 471 | 697 | 738 | 934 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital Equity CapitalCr | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
Reserves ReservesCr | 125 | 124 | 128 | 286 | 238 | 371 | 459 | 428 | 654 | 686 | 640 |
| 5 | 33 | 3 | 3 | 2 | 4 | 20 | 1 | 3 | 2 | 3 | |
| 2 | 2 | 2 | 7 | 1 | 19 | 29 | 24 | 23 | 32 | 274 | |
| 149 | 177 | 150 | 314 | 259 | 412 | 525 | 471 | 697 | 738 | 934 | |
| 68 | 67 | 42 | 15 | 19 | 43 | 35 | 28 | 32 | 41 | 61 | |
| 81 | 110 | 109 | 299 | 240 | 369 | 490 | 443 | 665 | 698 | 873 | |
| 149 | 177 | 150 | 314 | 259 | 412 | 525 | 471 | 697 | 738 | 934 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 31 | -14 | 1 | 5 | -10 | 8 | -18 | 21 | -36 | -23 | |
| 5 | -22 | 5 | 2 | 0 | 22 | -23 | 18 | -24 | 12 | -209 | |
| -3 | 11 | -12 | -1 | -1 | 0 | 0 | 0 | 10 | 13 | 236 | |
Net Cash Flow Net Cash FlowCr | 7 | 20 | -22 | 2 | 4 | 12 | -14 | -1 | 7 | -11 | 4 |
Free Cash Flow Free Cash FlowCr | 5 | 31 | -14 | 1 | 5 | -10 | 8 | -18 | 22 | -37 | |
CFO To PAT CFO To PAT% | 94.3 | 4,572.4 | -414.8 | 322.0 | -85.5 | -62.4 | 86.1 | -828.2 | 21.8 | -109.0 | 46.2 |
CFO To EBITDA CFO To EBITDA% | -289.7 | 2,010.5 | -450.3 | 71.2 | -63.0 | -46.0 | 65.0 | -567.2 | 13.1 | -77.5 | 47.1 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 31 | -14 | 1 | 5 | -10 | 8 | -18 | 21 | -36 | -23 | |
| 5 | -22 | 5 | 2 | 0 | 22 | -23 | 18 | -24 | 12 | -209 | |
| -3 | 11 | -12 | -1 | -1 | 0 | 0 | 0 | 10 | 13 | 236 | |
Net Cash Flow Net Cash FlowCr | 7 | 20 | -22 | 2 | 4 | 12 | -14 | -1 | 7 | -11 | 4 |
Free Cash Flow Free Cash FlowCr | 5 | 31 | -14 | 1 | 5 | -10 | 8 | -18 | 22 | -37 | |
CFO To PAT CFO To PAT% | 94.3 | 4,572.4 | -414.8 | 322.0 | -85.5 | -62.4 | 86.1 | -828.2 | 21.8 | -109.0 | 46.2 |
CFO To EBITDA CFO To EBITDA% | -289.7 | 2,010.5 | -450.3 | 71.2 | -63.0 | -46.0 | 65.0 | -567.2 | 13.1 | -77.5 | 47.1 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap Market CapitalizationCr | 73 | 77 | 75 | 94 | 79 | 87 | 165 | 169 | 298 | 360 | 190 | 477 |
Price To Earnings Price To Earnings | 15.5 | 163.3 | 21.7 | 244.8 | 5.6 | 17.2 | 76.6 | 3.0 | 10.9 | 20.6 | ||
Price To Sales Price To Sales | 12.0 | 13.3 | 10.3 | 13.7 | 14.2 | 3.7 | 10.7 | 12.7 | 1.7 | 5.7 | 11.9 | 3.4 |
Price To Book Price To Book | 0.5 | 0.5 | 0.5 | 0.3 | 0.3 | 0.2 | 0.3 | 0.4 | 0.4 | 0.5 | 0.3 | 0.7 |
EV To EBITDA EV To EBITDA | -39.3 | 37.2 | 20.8 | 47.7 | -7.5 | 2.9 | 12.0 | 46.5 | 1.7 | 7.8 | -8.5 | 14.7 |
GPM GPM% | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
OPM OPM% | -178.7 | 29.7 | 52.9 | 25.4 | -156.6 | 89.1 | 82.8 | 24.2 | 93.9 | 74.1 | -301.6 | 33.5 |
NPM NPM% | 548.9 | 13.1 | 57.4 | 5.6 | -115.3 | 65.7 | 62.6 | 16.6 | 56.5 | 52.7 | -307.5 | 16.4 |
ROCE ROCE% | 3.8 | 1.2 | 3.0 | 0.5 | -3.5 | 5.3 | 2.6 | 0.7 | 23.9 | 6.3 | -5.2 | -5.2 |
ROE ROE% | 3.5 | 0.5 | 2.4 | 0.1 | -2.5 | 4.0 | 2.0 | 0.5 | 14.6 | 4.7 | -7.5 | -7.5 |
ROA ROA% | 3.3 | 0.4 | 2.3 | 0.1 | -2.5 | 3.8 | 1.8 | 0.5 | 14.0 | 4.5 | -5.3 | -5.3 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap Market CapitalizationCr | 73 | 77 | 75 | 94 | 79 | 87 | 165 | 169 | 298 | 360 | 190 | 477 |
Price To Earnings Price To Earnings | 15.5 | 163.3 | 21.7 | 244.8 | 5.6 | 17.2 | 76.6 | 3.0 | 10.9 | 20.6 | ||
Price To Sales Price To Sales | 12.0 | 13.3 | 10.3 | 13.7 | 14.2 | 3.7 | 10.7 | 12.7 | 1.7 | 5.7 | 11.9 | 3.4 |
Price To Book Price To Book | 0.5 | 0.5 | 0.5 | 0.3 | 0.3 | 0.2 | 0.3 | 0.4 | 0.4 | 0.5 | 0.3 | 0.7 |
EV To EBITDA EV To EBITDA | -39.3 | 37.2 | 20.8 | 47.7 | -7.5 | 2.9 | 12.0 | 46.5 | 1.7 | 7.8 | -8.5 | 14.7 |
GPM GPM% | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
OPM OPM% | -178.7 | 29.7 | 52.9 | 25.4 | -156.6 | 89.1 | 82.8 | 24.2 | 93.9 | 74.1 | -301.6 | 33.5 |
NPM NPM% | 548.9 | 13.1 | 57.4 | 5.6 | -115.3 | 65.7 | 62.6 | 16.6 | 56.5 | 52.7 | -307.5 | 16.4 |
ROCE ROCE% | 3.8 | 1.2 | 3.0 | 0.5 | -3.5 | 5.3 | 2.6 | 0.7 | 23.9 | 6.3 | -5.2 | -5.2 |
ROE ROE% | 3.5 | 0.5 | 2.4 | 0.1 | -2.5 | 4.0 | 2.0 | 0.5 | 14.6 | 4.7 | -7.5 | -7.5 |
ROA ROA% | 3.3 | 0.4 | 2.3 | 0.1 | -2.5 | 3.8 | 1.8 | 0.5 | 14.0 | 4.5 | -5.3 | -5.3 |
Documents — Shardul Securities Ltd