TrueCAGR
Page Industries · Research view

Page Industries Ltd.

NSE: PAGEINDBSE: 532827ISIN INE761H01022Face value ₹10standalone
₹36,600
+0.54% · 2026-10-01 · 52-wk ₹30,200–₹43,610
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
Watch

Premium valuation, soft growth

The P/E of 54.01× is above the large-cap Ind-AS peers median (36.99×) while profit grew 4.8% last year.

Importance 55 / 95 · valuation

Strength

More profitable than peers

ROE of 52.5% is well above the large-cap Ind-AS peers median of 16.5%.

Importance 55 / 95 · profitability

Context

High returns, and the market pays up for them

ROE of 52.5% is well above the large-cap Ind-AS peers median (16.5%), and the P/E of 54.01× is above it too (36.99×).

Importance 55 / 95 · valuation

Section 03 · The company

Who is this company?

Classified by the exchange under Consumer Discretionary › Textiles › Textiles & Apparels › Garments & Apparels.

Market cap
₹40,823 cr
FY2026 revenue
₹5,247 cr
FY2026 net profit
₹764 cr
Net worth
₹1,503 cr
Total debt
₹12 cr
EPS (basic)
₹684.81
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 159 covered non-financial companies — a broad cross-sector set (it will narrow to sector peers as coverage grows).

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY19 to FY26₹ crore · consolidated
₹'000 cr02356001REVENUENET PROFIT3k394FY193k343FY203k341FY214k537FY225k571FY235k569FY245k729FY255k764FY26
RevenueNet profit
Context

Revenue has compounded at 9.1% a year over 7 years (₹2,852 → ₹5,247) — steady rather than rapid.

Rule REVENUE_COMPOUNDED_MODERATE

Revenue growth per year
+9.1%over 7 years
Revenue growth
+6.3%vs last year
Net profit growth
+4.8%vs last year
Change in net profit since FY19
+94%
Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Concern

Q1 FY27 EBITDA margin was 21.1%, down 2.41 percentage points from 23.5% a year earlier.

Rule QTR_MARGIN_CHANGED_YOY

Strength

Q1 FY27 revenue of ₹1,420 cr is the highest of the 16 quarters on record for this company.

Rule QTR_REVENUE_AT_RECORD

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · standalone
₹'000 cr01122000REVENUENET PROFIT1k195Q2 '251k205Q3 '251k164Q4 '251k201Q1 '261k195Q2 '261k190Q3 '261k179Q4 '261k193Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY251,246—195—15.7%
Q3 FY251,313+6.9%205+34.3%15.6%
Q4 FY251,098+10.3%164+51.6%14.9%
Q1 FY261,317+3.1%201+21.5%15.3%
Q2 FY261,291+3.6%195−0.3%15.1%
Q3 FY261,387+5.6%190−7.4%13.7%
Q4 FY261,253+14.1%179+9.0%14.3%
Q1 FY271,420+7.9%193−4.0%13.6%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue
₹5,351 crTTM
EBITDA
₹1,207 crTTM
EBIT
₹1,098 crTTM
PBT
₹1,014 crTTM
Net profit
₹756 crTTM

C. Corporate actions

19 Aug 2026DividendInterim Dividend - Rs. - 200.0000 — ₹200.00/share
27 May 2026DividendInterim Dividend - Rs. - 150.0000 — ₹150.00/share
11 Feb 2026DividendInterim Dividend - Rs. - 125.0000 — ₹125.00/share
19 Nov 2025DividendInterim Dividend - Rs. - 125.0000 — ₹125.00/share
13 Aug 2025DividendInterim Dividend - Rs. - 150.0000 — ₹150.00/share
21 May 2025DividendInterim Dividend - Rs. - 200.0000 — ₹200.00/share
13 Feb 2025DividendInterim Dividend - Rs. - 150.0000 — ₹150.00/share
14 Nov 2024DividendInterim Dividend - Rs. - 250.0000 — ₹250.00/share
16 Aug 2024DividendInterim Dividend - Rs. - 300.0000 — ₹300.00/share
31 May 2024DividendInterim Dividend - Rs. - 120.0000 — ₹120.00/share
16 Feb 2024DividendInterim Dividend - Rs. - 100.0000 — ₹100.00/share
17 Nov 2023DividendInterim Dividend - Rs. - 75.0000 — ₹75.00/share
18 Aug 2023DividendInterim Dividend - Rs. - 75.0000 — ₹75.00/share
2 Jun 2023DividendInterim Dividend - Rs. - 60.0000 — ₹60.00/share
17 Feb 2023DividendInterim Dividend - Rs. - 60.0000 — ₹60.00/share
17 Nov 2022DividendInterim Dividend - Rs. - 70.0000 — ₹70.00/share
18 Aug 2022DividendInterim Dividend - Rs. - 60.0000 — ₹60.00/share
2 Jun 2022DividendInterim Dividend - Rs. - 70.0000 — ₹70.00/share
17 Feb 2022DividendInterim Dividend - Rs. - 100.0000 — ₹100.00/share
17 Nov 2021DividendInterim Dividend - Rs. - 150.0000 — ₹150.00/share
18 Aug 2021DividendInterim Dividend - Rs. - 50.0000 — ₹50.00/share
17 Feb 2021DividendInterim Dividend - Rs. - 150.0000 — ₹150.00/share
19 Nov 2020DividendInterim Dividend - Rs. - 100.0000 — ₹100.00/share
18 Feb 2020DividendInterim Dividend - Rs. - 58.0000 — ₹58.00/share
21 Nov 2019DividendInterim Dividend - Rs. - 52.0000 — ₹52.00/share
Section 06 · Business performance

Is it becoming more profitable?

Margins — FY19 to FY26% of revenue · consolidated
0%5%10%15%20%25%23.2%14.4%FY19FY20FY21FY22FY23FY24FY25FY26
EBITDA marginNet margin
Strength

ROE of 52.5% is well above the large-cap Ind-AS peers median of 16.5%.

Rule ROE_ABOVE_PEER_MEDIAN

EBITDA margin now
23.2%
8-year range
18.3–23.2%
ROE FY2026
52.5%
ROCE FY2026
76.0%

ROE improved from 48.5% to 52.5% year on year.

Section 07 · Financial health

Is financial health improving?

Net worth — FY19 to FY26₹ crore · consolidated
₹'000 cr0112775FY19820FY20885FY211kFY221kFY232kFY241kFY252kFY26
Net worth (shareholders' funds)
Strength

Free cash flow has been positive in 5 of the last 6 years.

Rule FCF_CONSISTENTLY_POSITIVE

Operating cash flow vs net profit₹ crore · FY21–FY26
0k1k1k2k696341FY21327537FY22-2571FY231k569FY241k729FY25794764FY26
Operating cash flowNet profit
Total debt
₹12 cr
Operating cash flow ÷ net profit
1.04×FY2026
Free cash flow
₹687 cr
Current ratio
1.72×
Section 08 · Relative position

How does it compare with peers?

Ranked against 159 covered non-financial companies (FY2026, consolidated). This is a broad cross-sector set — read it as orientation, not a like-for-like comparison.

Revenue growth

PAGEIND · 109th of 149 · set median 12.8%

ETERNAL168.6%MCX106.9%WAAREEENER83.7%PRESTIGE72.6%JSWENERGY60.9%SUZLON53.6%SWIGGY51.4%HINDCOPPER48.6%TITAN44.9%GVT&D44.6%KALYANKJIL42.7%GMRAIRPORT42.2%POLICYBZR36.5%COFORGE36.1%GODFRYPHLP34.8%360ONE32.4%SOLARINDS30.5%POLYCAB28.9%POWERINDIA27.6%GLENMARK27.5%TVSMOTOR27.2%NYKAA26.1%DIXON25.8%MARICO25.7%CGPOWER25.3%M&M24.8%ADANIPORTS24.6%EICHERMOT24.0%PERSISTENT23.5%BAJAJ-AUTO23.4%APARINDS23.3%LUPIN23.1%RADICO22.7%LAURUSLABS22.7%PAYTM22.3%BHARTIARTL22.0%TORNTPHARM21.4%LODHA21.0%KEI20.7%VMM20.4%PREMIERENE20.0%MARUTI19.9%HINDZINC19.8%BHEL19.2%MAXHEALTH19.1%ATGL18.4%GRASIM18.2%PATANJALI17.6%COALINDIA17.5%TIINDIA17.4%FORTIS17.3%TRENT17.2%MANKIND17.0%CUMMINSIND16.9%JUBLFOOD16.8%ZYDUSLIFE16.8%ULTRACEMCO16.5%INDHOTEL16.3%BEL16.2%ASHOKLEY16.1%ADANIENSOL16.1%AMBUJACEM16.0%PHOENIXLTD16.0%DMART15.9%HEROMOTOCO15.9%APOLLOHOSP15.8%ADANIGREEN15.3%HINDALCO15.3%NAUKRI15.3%TATACONSUM15.2%NESTLEIND14.6%NLCINDIA14.4%MAZDOCK13.8%OBEROIRLTY13.7%DIVISLAB12.8%ASTRAL12.6%OFSS12.1%NHPC11.9%LT11.8%SIEMENS11.7%MPHASIS11.6%IRCTC11.6%APLAPOLLO11.5%MOTILALOFS11.4%LTM11.3%SUNPHARMA11.2%HCLTECH11.2%BHARATFORG11.2%UPL11.2%PIDILITIND11.1%MOTHERSON10.9%BIOCON10.9%BOSCHLTD10.8%MRF10.6%ITC10.2%JSWSTEEL9.9%RELIANCE9.7%INFY9.6%VBL8.5%SAIL8.1%INDUSTOWER7.9%SRF7.4%SUPREMEIND7.4%TATACOMM7.3%TECHM7.2%JINDALSTEL7.0%HAL6.8%BRITANNIA6.7%PAGEIND6.3%NATIONALUM6.3%TATASTEEL6.2%AUROPHARMA6.1%GODREJCP5.7%INDIGO5.1%DABUR5.0%ASIANPAINT4.9%IOC4.9%TCS4.6%BPCL4.5%EXIDEIND4.4%GODREJPROP4.2%COCHINSHIP4.2%WIPRO4.0%BLUESTARCO3.6%HAVELLS3.4%DRREDDY3.2%IDEA3.0%ADANIENT2.6%HINDPETRO2.6%DLF2.5%RVNL2.5%OIL2.4%HYUNDAI2.3%CIPLA2.2%CONCOR2.2%HINDUNILVR2.1%POWERGRID2.1%UNITDSPR2.0%COLPAL-0.1%GAIL-0.1%ONGC-0.2%NTPC-0.4%ADANIPOWER-3.5%TATAPOWER-4.7%VOLTAS-7.6%PIIND-15.8%TMPV-23.7%BDL-27.0%VEDL-48.7%

EBITDA margin

PAGEIND · 70th of 158 · set median 21.3%

ADANIGREEN90.2%POWERGRID83.3%ICICIAMC78.6%MCX76.8%NAUKRI67.9%360ONE64.7%ADANIPORTS64.5%PHOENIXLTD63.5%GROWW62.8%OBEROIRLTY60.8%JSWENERGY58.4%BHARTIARTL58.1%INDUSTOWER57.3%HINDZINC56.7%GODREJPROP55.8%NHPC54.3%HINDCOPPER49.8%OFSS48.9%NATIONALUM48.3%IDEA43.6%ADANIPOWER43.2%MOTILALOFS41.7%GMRAIRPORT41.5%HAL40.7%NLCINDIA37.5%DLF37.5%DIVISLAB37.4%IRCTC36.9%INDHOTEL35.9%ADANIENSOL35.6%SUNPHARMA33.7%NMDC33.5%OIL33.4%PRESTIGE33.3%ZYDUSLIFE33.1%ITC33.1%LUPIN33.1%PREMIERENE33.0%COLPAL32.5%LODHA32.2%TORNTPHARM31.9%VEDL31.5%BEL31.2%COALINDIA31.2%EICHERMOT31.1%NTPC30.8%PIIND29.9%GLENMARK29.6%TCS28.8%MAXHEALTH28.7%GVT&D28.6%SOLARINDS28.0%MANKIND27.8%LAURUSLABS26.9%BDL26.5%MAZDOCK26.2%INFY26.1%PIDILITIND25.9%CUMMINSIND25.6%CONCOR25.5%WAAREEENER24.9%HINDUNILVR24.5%COCHINSHIP24.3%VBL24.3%BAJAJ-AUTO24.2%CIPLA24.0%TATAPOWER23.8%WIPRO23.4%FORTIS23.4%PAGEIND23.2%DRREDDY23.2%DABUR23.1%NESTLEIND23.1%GODREJCP22.5%BIOCON22.4%SRF22.3%LENSKART21.9%AUROPHARMA21.8%HCLTECH21.7%ASIANPAINT20.9%MPHASIS20.8%ENRIN20.7%TATACOMM20.7%JUBLFOOD20.6%LTM20.4%M&M20.4%PERSISTENT20.2%ASHOKLEY20.1%ULTRACEMCO19.9%BRITANNIA19.7%GODFRYPHLP19.6%INDIGO19.5%RELIANCE19.3%ATGL19.2%UPL19.2%TRENT18.9%JINDALSTEL18.8%SUZLON18.7%MARICO18.6%BHARATFORG18.6%COFORGE18.3%POWERINDIA18.3%ABB18.1%AMBUJACEM18.1%BOSCHLTD17.5%ONGC17.4%MRF17.4%HEROMOTOCO17.1%ASTRAL16.9%JSWSTEEL16.8%ADANIENT16.4%PAYTM16.1%TECHM16.0%APOLLOHOSP15.7%TATASTEEL15.4%VMM15.3%CGPOWER15.1%TVSMOTOR15.0%GRASIM14.7%POLYCAB14.7%TATACONSUM14.6%SIEMENS14.4%SUPREMEIND14.2%MARUTI14.1%HINDALCO13.7%HYUNDAI13.5%POLICYBZR13.0%LT12.2%HAVELLS12.0%KEI11.8%SAIL11.6%TIINDIA11.6%LGEINDIA11.1%EXIDEIND11.0%TMCV10.4%TITAN10.2%UNITDSPR9.9%MOTHERSON9.7%BHEL9.3%GAIL9.2%IOC9.0%BPCL8.5%APARINDS8.5%APLAPOLLO8.3%BLUESTARCO8.0%NYKAA7.8%DMART7.6%RVNL7.6%KALYANKJIL7.6%TMPV7.4%HINDPETRO6.9%VOLTAS6.2%DIXON5.3%RADICO4.9%PATANJALI4.8%ETERNAL4.8%MEESHO-8.0%SWIGGY-11.8%

Return on equity

PAGEIND · 9th of 159 · set median 16.6%

COLPAL81.6%ICICIAMC79.1%HINDZINC76.9%NESTLEIND76.3%TMPV68.4%MCX56.3%GVT&D55.3%BRITANNIA53.3%PAGEIND52.5%VAML49.4%TCS48.4%PREMIERENE42.3%MARICO41.4%VEDL41.0%SUZLON40.6%DIXON37.1%TITAN37.1%IRCTC35.0%OFSS32.6%TVSMOTOR31.6%WAAREEENER31.6%SOLARINDS31.3%INFY31.1%HINDPETRO30.9%HINDCOPPER30.6%HINDUNILVR30.5%HYUNDAI29.9%TATACOMM29.9%CUMMINSIND29.5%NATIONALUM29.4%ITC29.3%MAZDOCK28.8%BPCL28.5%COALINDIA28.1%BAJAJ-AUTO28.0%HEROMOTOCO28.0%BEL27.6%JSWSTEEL27.3%TRENT27.1%LUPIN26.9%GODFRYPHLP26.6%PERSISTENT26.3%APLAPOLLO25.3%ENRIN25.1%POLYCAB24.6%KALYANKJIL24.3%HAL24.0%TMCV23.8%EICHERMOT23.8%PIDILITIND23.5%HCLTECH23.0%LGEINDIA22.0%NMDC21.9%ASHOKLEY21.6%GROWW21.6%UNITDSPR21.5%APOLLOHOSP21.5%ABB21.3%LTM21.3%POWERINDIA21.0%IOC21.0%ADANIPOWER20.9%ASIANPAINT20.9%RADICO19.9%INDUSTOWER19.8%APARINDS19.7%CGPOWER19.6%JUBLFOOD19.4%COFORGE19.4%BHARTIARTL19.4%BOSCHLTD19.4%HAVELLS19.0%SIEMENS18.9%M&M18.8%ZYDUSLIFE18.3%MPHASIS18.3%LAURUSLABS17.7%TORNTPHARM17.0%VBL16.8%TECHM16.6%POWERGRID16.5%INDHOTEL16.4%DABUR16.2%BLUESTARCO16.2%DIVISLAB16.2%SUPREMEIND16.1%NLCINDIA16.0%LODHA15.7%ADANIPORTS15.6%MOTILALOFS15.6%WIPRO15.5%GODREJCP15.1%OBEROIRLTY14.9%PATANJALI14.8%KEI14.8%LT14.7%SUNPHARMA14.7%ATGL14.5%MARUTI14.4%360ONE14.4%NYKAA14.3%MAXHEALTH14.3%GLENMARK14.1%ASTRAL13.8%SRF13.8%NTPC13.7%ADANIENT13.7%DMART12.9%OIL12.7%ONGC12.7%COCHINSHIP12.5%MANKIND12.5%PIIND12.4%MRF12.3%VMM12.1%CIPLA11.7%BHARATFORG11.6%DRREDDY11.5%TATAPOWER11.4%TATASTEEL11.2%PHOENIXLTD11.1%FORTIS11.0%ULTRACEMCO10.6%HINDALCO10.3%TIINDIA10.2%BDL10.2%MOTHERSON10.1%DLF10.0%GODREJPROP10.0%AUROPHARMA9.9%CONCOR9.8%POLICYBZR9.7%ADANIENSOL9.7%RELIANCE9.1%NHPC9.0%RVNL9.0%JSWENERGY8.8%GAIL8.7%AMBUJACEM8.3%PRESTIGE8.0%ADANIGREEN7.6%TATACONSUM6.9%JINDALSTEL6.8%BHEL6.3%GRASIM6.3%EXIDEIND6.2%VOLTAS5.7%LENSKART5.7%SAIL5.7%UPL5.6%NAUKRI4.6%PAYTM3.6%ETERNAL1.2%BIOCON1.1%GMRAIRPORT-28.3%SWIGGY-29.1%INDIGO-29.3%MEESHO-31.0%IDEA-65.1%

P/E ratio

PAGEIND · 117th of 154 · set median 37.0×

VEDL3.4×IDEA3.7×IOC5.2×ONGC6.3×BPCL7.5×OIL7.5×COALINDIA8.3×NMDC8.8×NATIONALUM9.1×NLCINDIA10.4×JSWSTEEL10.7×NTPC10.8×GAIL11.4×WIPRO12.6×HINDALCO12.8×HINDZINC13.8×INFY13.8×INDUSTOWER13.9×POWERGRID14.9×TCS15.0×M&M15.7×ITC16.0×LUPIN16.7×SAIL16.8×WAAREEENER16.8×NHPC16.9×SUZLON17.0×AMBUJACEM17.3×GRASIM17.8×RELIANCE17.9×HEROMOTOCO18.9×UPL19.0×HCLTECH19.4×PATANJALI19.7×TATASTEEL19.8×GODFRYPHLP21.1×TATAPOWER21.3×MRF21.6×MPHASIS22.5×LTM22.9×PREMIERENE23.7×ASHOKLEY23.8×BAJAJ-AUTO24.4×OBEROIRLTY24.5×MARUTI25.0×ZYDUSLIFE25.1×LT25.8×IRCTC26.1×ADANIPOWER26.1×AUROPHARMA26.2×TECHM26.4×OFSS26.6×LODHA26.7×CONCOR27.2×HINDUNILVR28.9×BHARTIARTL29.1×MAZDOCK29.2×PIIND29.3×MOTILALOFS30.0×ADANIPORTS30.5×GODREJPROP30.7×DRREDDY31.5×COFORGE31.9×CIPLA32.4×EICHERMOT33.0×HAL33.1×HYUNDAI33.2×360ONE33.6×SRF34.1×DABUR34.4×JSWENERGY34.6×COLPAL35.0×SUNPHARMA35.8×MOTHERSON36.5×TMCV36.5×GLENMARK36.7×DLF36.9×DIXON37.1×ULTRACEMCO37.1×EXIDEIND37.1×KALYANKJIL38.1×HINDCOPPER39.3×HAVELLS40.0×NAUKRI40.6×TIINDIA40.8×JINDALSTEL41.3×POLYCAB41.4×SUPREMEIND41.6×PHOENIXLTD42.3×KEI43.2×PERSISTENT43.9×HINDPETRO44.1×INDHOTEL44.2×BRITANNIA44.3×GODREJCP45.1×BEL45.6×RVNL45.9×GROWW46.1×ICICIAMC46.3×VBL46.9×ASIANPAINT47.7×APLAPOLLO47.9×ADANIENT48.6×SIEMENS49.0×COCHINSHIP49.8×MANKIND50.5×PRESTIGE50.9×TRENT50.9×TATACOMM51.3×UNITDSPR51.5×ADANIENSOL51.5×MARICO52.0×VMM52.2×MCX53.0×TVSMOTOR53.1×APOLLOHOSP53.7×PAGEIND54.0×FORTIS55.4×PIDILITIND55.9×CUMMINSIND56.9×BOSCHLTD56.9×TATACONSUM57.2×BLUESTARCO59.6×APARINDS60.0×BHEL60.4×POLICYBZR60.8×ASTRAL62.6×MAXHEALTH63.1×LGEINDIA64.0×JUBLFOOD65.1×NESTLEIND66.0×TITAN70.1×TORNTPHARM74.8×BDL76.6×VOLTAS78.9×RADICO81.2×DMART81.2×BHARATFORG81.9×GVT&D83.8×DIVISLAB84.2×SOLARINDS85.4×ABB87.1×LAURUSLABS98.5×ADANIGREEN98.9×ATGL101.4×ENRIN107.8×CGPOWER111.3×POWERINDIA121.0×GMRAIRPORT130.6×BIOCON144.4×PAYTM164.2×LENSKART179.7×NYKAA357.0×ETERNAL665.4×
Watch

The P/E of 54.01× is above the large-cap Ind-AS peers median (36.99×) while profit grew 4.8% last year.

Rule PRICED_FOR_GROWTH

P / E
54.0×TTM to Jun 26
P / B
27.2×latest book
P / S
7.6×TTM sales
Earnings yield
1.9%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 53.4× · P/S 7.7× · ROE 52.5%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted
16k20k24k28k32k36k40k44k48k52k₹36,6002020202120222023202420252026
Context

Over 5 years profit compounded at 17.5% a year while the stock returned 2.5% a year — the FY2021 base was somewhat depressed, so part of this is recovery rather than trend.

Rule STOCK_LAGGED_EARNINGS · rebound

Business vs stock — 5-year compound annual rate
Net profit17.5%/yrShare price2.5%/yr
1-year return
−13.1%
3-year return
−6.1%
5-year return
+13.4%
From 52-wk high
−16.1%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Below₹37,215
vs 200-day avg
Above₹36,382
RSI (14)
50.1neutral
MACD histogram
180.0
From 52-wk high
−16.1%
From 52-wk low
+21.2%
30-day volatility
19.9%ann.
6-month return
+15.2%
RSI (14) · 0–10050.1 — neutral
0305070100OVERSOLDOVERBOUGHT50.1
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Premium valuation, soft growth
    The P/E of 54.01× is above the large-cap Ind-AS peers median (36.99×) while profit grew 4.8% last year.
    PRICED_FOR_GROWTH · conviction 55
  • Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY19FY20FY21FY22FY23FY24FY25FY26
Revenue2,8522,9452,8333,8864,7894,5824,9355,247
Total income2,8892,9702,8523,9074,8034,6024,9975,311
EBITDA6535575468068778921,1241,217
Profit before tax6064624537097587579791,025
Net profit394343341537571569729764
EPS (₹)353.2307.7305.4481.0512.1510.3653.7684.8
Net worth7758208851,0891,3711,5971,4071,503
Total debt7327002480012
Operating cash flow——696327−21,0801,204794
Free cash flow——681229−1659861,125687
Key ratios — consolidated
RatioFY19FY20FY21FY22FY23FY24FY25FY26
Growth
Revenue growth YoY—3.3-3.837.223.2-4.37.76.3
Profit growth YoY—-12.9-0.857.56.5-0.428.14.8
Profitability
EBITDA margin %22.918.919.320.718.319.522.823.2
Net margin %13.611.611.913.711.912.414.614.4
Return on equity %50.843.040.054.446.438.448.552.5
Return on capital %73.458.555.875.159.049.868.276.0
Leverage & cash
Debt to equity0.090.030.000.000.180.000.000.01
Cash flow ÷ profit——2.040.61-0.001.901.651.04
Current ratio1.881.821.721.671.652.001.721.72
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.