4
Commenting on the performance, Mr. Kamlesh Jain – Chairman & Managing Director said:
Performance Highlights & Outlook – Q2 & H1FY27
“We have delivered a strong performance in the first half of FY27, driven by robust revenue growth, expanding operations and continued progress in strengthening our copper business.
During this period, we have made meaningful strides in enhancing our manufacturing capabilities, advancing key expansion projects and building a more integrated and diversified business
portfolio, laying a strong foundation for sustainable long-term growth. During Q2 FY27, Consolidated Revenue from Operations grew by 58% year-on-year to approximately Rs. 3,337
crore, while EBITDA and PAT stood at approximately Rs. 139 crore and Rs. 91 crore, reflecting sequential growth of 27% and 30%, respectively. For H1 FY27, revenue increased by 65%
year-on-year to approximately Rs. 6,061 crore, with EBITDA of Rs. 248 crore and PAT of Rs. 160 crore. Importantly, we also delivered positive cash flow from operations of approximately
Rs. 137 crore, alongside a significant improvement in working capital efficiency, with working capital days reducing to 49 days from 66 days earlier in FY26. This reflects our continued
focus on strengthening cash generation, optimising working capital and maintaining financial discipline as we scale our operations. While margins remained under pressure on a year-on-
year basis, the sequential improvement in profitability reflects encouraging progress as we continue to scale our operations and enhance operational efficiencies.
Our copper business continues to be a key growth driver, with combined copper and copper ingot volumes registering a strong 74% year-on-year growth in Q2 FY27. Including value-
added products, copper accounted for approximately 72% of consolidated quarterly revenue, reflecting our continued progress towards building a more integrated and value-added
product portfolio. Our lead business witnessed an improvement in sequential profitability, while the aluminium segment maintained healthy volume growth, supporting our overall
operating performance.
We have also made significant progress on our capacity expansion initiatives. Both phases of our Copper Anode facility have been commissioned, and we are focused on gradually
ramping up capacity utilization. The Copper Cathode project is nearing towards commissioning, while the Copper Wire Rod and Copper Busbar & Profiles projects expected to be
commissioned in Q3 FY27 and Q4 FY27 respectively. These strategic investments will further strengthen our presence across the copper value chain, enhance our value-added product
offerings and support profitability as operations scale up.
Our diversification initiatives are also progressing well. The Antimony project and dedicated plastic recycling facility are targeted to commence operations in Q3 FY27, further
broadening our business portfolio. Our Ahmedabad-based subsidiary, Jain C&Y, focused on copper scrap processing, has also commenced contributing to revenue, marking an important
milestone in strengthening our recycling and raw material processing capabilities. Separately, our copper value-added products have begun contributing to revenue, supporting our
strategy of expanding downstream integration and enhancing our product mix. Our investment in Kuwait also remains strategically important in securing a reliable supply of raw materials,
although ongoing geopolitical disruptions in West Asia may lead to some delays in project execution.
Looking ahead, our priorities remain focused on accelerating capacity utilization, strengthening operational efficiencies and increasing the contribution from value-added products.
With our established sourcing network, expanding manufacturing capabilities, diversified product portfolio and supportive industry fundamentals, we remain confident in our ability to
improve profitability, strengthen our competitive positioning and deliver sustainable long-term growth.”
Page 6
Jain CY Circular Solutions - Copper Scrap Recycling Facility
6
Investment in Jain CY Circular Solutions Pvt Ltd along with C&Y Group Investments Inc. (USA) · Ahmedabad, Gujarat
71,160 MT
Annual scrap processing capacity
~25,000 MT*
Copper products output per year
52%
JRRL’s stake in the Subsidiary
Rs. 25.4 Crores
Q2 FY27 revenue, first quarter
contributing
SCRAP INPUT CAPACITY · MT PER ANNUM
Motors, alternators & starters 36,000
Cable scrap 24,000
Copper scrap 12,000
STRATEGIC FIT
Raw-material security
Captive copper feed for the
anode–cathode–wire rod chain
Wider scrap mix
Processes motor, alternator,
starter and cable scrap
Gujarat footprint
Adds a western India base to the
southern peninsular cluster
MILESTONES
Oct 2025
Joint Investment with C&Y Group Investments Inc.,
USA
Dec 2025
Jain CY Circular Solutions Pvt Ltd incorporated
Q2 FY27
Plant operational; revenue of Rs. 25.4 Crores, with
current capacity of ~12,000 MT
Next
Ramp-up towards ~25,000 MT of annual copper
output*
*Subject to all necessary regulatory approvals
Page 8
Financial highlights – Q2 & H1FY27
2,021.7
3,337.0
Copper
Ingots
815.3
Lead Alloy
Ingots
82.7
Aluminum
Alloys
347.3
Copper
Value
Added
Products
25.4
Jain
C&Y JV
44.6
Others Total
Revenue
Revenue (Rs. Crores) EBITDA (Rs. Crores) PAT (Rs. Crores)
2,113.7
2,724.5
3,337.0
Q2 FY26 Q1 FY27 Q2 FY27
+22.5%
160.0
109.5
138.8
Q2 FY26 Q1 FY27 Q2 FY27
+26.8%
98.6
69.4
90.6
Q2 FY26 Q1 FY27 Q2 FY27
+30.5%
7.6% 4.0% 4.2% 4.7% 2.5% 2.7%
3,737.3
6,061.4
154.2
469.0
Copper
Ingots
1,600.8
Lead Alloy
Ingots
Aluminum
Alloys
Copper
Value
Added
Products
25.4
Jain
C&Y JV
74.7
Others Total
Revenue
Segmental Revenue (Rs. Crores)
Segmental Revenue (Rs. Crores) Revenue (Rs. Crores) EBITDA (Rs. Crores) PAT (Rs. Crores)
3,663.0
6,061.4
H1 FY26 H1 FY27
+65.5%
250.1 248.3
H1 FY26 H1 FY27
-0.7%
155.1 160.0
H1 FY26 H1 FY27
+3.2%
6.8% 4.1% 4.2% 2.6%
~8%
Contribution from
Strategic Initiatives
Q2 FY27H1 FY27
8
Page 9
9
Copper & Copper Ingots Lead & Lead Alloy Ingots Aluminium and Aluminium Alloys
Volumes (In MT)
Revenue (Rs. Crores)
EBITDA (Rs. Crores)
Volumes (In MT)
Revenue (Rs. Crores)
EBITDA (Rs. Crores)
Volumes (In MT)
Revenue (Rs. Crores)
EBITDA (Rs. Crores)
Segmental highlights – Q2FY27
9,434
14,683 16,411
2,610
Q2 FY26 Q1 FY27 Q2 FY27 VAP^
1,001.0
1,715.7
2,021.7
347.3
Q2 FY26 Q1 FY27 Q2 FY27 VAP^
58.9
46.7
61.1
3.8
Q2 FY26 Q1 FY27 Q2 FY27 VAP^
44,460
32,150 34,851
Q2 FY26 Q1 FY27 Q2 FY27
1,024.8
785.5 815.3
Q2 FY26 Q1 FY27 Q2 FY27
98.5
60.0 67.3
Q2 FY26 Q1 FY27 Q2 FY27
1,196
2,201 2,493
Q2 FY26 Q1 FY27 Q2 FY27
65.8 71.4
82.7
Q2 FY26 Q1 FY27 Q2 FY27
3.0
4.7 5.3
Q2 FY26 Q1 FY27 Q2 FY27
^VAP stands for Copper
Value Added Products
Page 10
10
Copper & Copper Ingots Lead & Lead Alloy Ingots Aluminium and Aluminium Alloys
Volumes (In MT)
Revenue (Rs. Crores)
EBITDA (Rs. Crores)
Volumes (In MT)
Revenue (Rs. Crores)
EBITDA (Rs. Crores)
Volumes (In MT)
Revenue (Rs. Crores)
EBITDA (Rs. Crores)
Segmental highlights – H1FY27
17,942
31,094
3,575
H1 FY26 H1 FY27 VAP^
1,697.8
3,737.3
469.0
H1 FY26 H1 FY27 VAP^
91.7
107.8
2.6
H1 FY26 H1 FY27 VAP^
81,032
67,002
H1 FY26 H1 FY27
1,740.1 1,600.8
H1 FY26 H1 FY27
153.3
127.3
H1 FY26 H1 FY27
4,979 4,695
H1 FY26 H1 FY27
154.5 154.2
H1 FY26 H1 FY27
5.9
10.0
H1 FY26 H1 FY27
^VAP stands for Copper
Value Added Products
Page 11
EBITDA per tonne for copper value-added products is currently lower due to the initial capacity ramp-up phase, resulting in under-absorption of fixed operating costs. As capacity utilisation
improves and production volumes scale up, we expect better operating leverage, leading to an improvement in EBITDA per tonne.
EBIDTA Per Tonne – Q2 & H1FY27
11
Q2 FY27
62,461
31,825
37,237
14,434
Q2 FY26 Q1 FY27 Q2 FY27 VAP^
Copper & Copper Ingots
H1 FY27
51,092
34,682
7,226
H1 FY26 H1 FY27 VAP^
Q2 FY27
22,147
18,660 19,310
Q2 FY26 Q1 FY27 Q2 FY27
Lead & Lead Alloy Ingots
H1 FY27
18,921 18,998
H1 FY26 H1 FY27
Q2 FY27
24,735
21,197 21,204
Q2 FY26 Q1 FY27 Q2 FY27
Aluminium and Aluminium Alloys
H1 FY27
11,878
21,201
H1 FY26 H1 FY27
^VAP stands for Copper
Value Added Products
Page 12
Consolidated profit and loss account statement – Q2 & H1FY27
12
Particulars (INR Crs) Q2FY27 Q2FY26 Y-o-Y (%) Q1FY27 Q-o-Q (%) H1FY27 H1FY26 Y-o-Y (%)
Revenue from Operations 3,337.0 2,113.7 58% 2,724.5 22% 6,061.4 3,663.0 65%
Cost of Goods Sold 3,124.5 1,879.3 2,554.7 5,679.2 3,272.4
Employee Cost 12.5 9.1 10.6 23.1 17.6
Other Expenses 61.2 65.3 49.6 110.8 122.8
EBITDA 138.8 160.0 -13% 109.5 27% 248.3 250.1 -1%
EBITDA Margin % 4.2% 7.6% (341) bps 4.0% 14 bps 4.1% 6.8% (273) Bps
Depreciation 5.8 3.3 4.4 10.2 6.3
Other Income 12.9 6.1 9.1 22.0 13.3
EBIT 145.9 162.8 -10% 114.3 28% 260.2 257.1 1%
EBIT Margin % 4.4% 7.7% (333) bps 4.2% 18 bps 4.3% 7.0% (273) Bps
Finance Cost 20.8 27.5 18.9 39.7 43.7
Exceptional Items -2.3 0.0 0.0 -2.3 0.0
Share of loss of an associate -0.1 -0.2 -1.3 -1.3 -0.4
Profit before Tax 122.8 135.1 -9% 94.1 30% 216.9 213.0 2%
Profit before Tax Margin % 3.7% 6.4% (271) bps 3.5% 22 bps 3.6% 5.8% (224) Bps
Tax 32.1 35.9 24.5 56.6 56.2
Profit After Tax from continuing operations 90.7 99.2 -9% 69.6 30% 160.3 156.7 2%
Profit After Tax Margin % 2.7% 4.7% (198) bps 2.6% 16 bps 2.6% 4.3% (163) Bps
Loss before tax from discontinued operation* -0.1 -0.6 -0.2 -0.3 -1.6
Profit for the period 90.6 98.6 -8% 69.4 30% 160.0 155.1 3%
PAT Margin % 2.7% 4.7% (195) bps 2.5% 17 bps 2.6% 4.2% (160) bps
EPS 2.63 3.06 2.02 4.65 5.00
*Loss before tax from discontinued operation
• The Company had partnered with M/s Ikon Square Limited UAE (“ISL”), by way of acquiring 70% in Jain Ikon Global Ventures (FZC) a free zone company registered in Sharjah, UAE, resulting JIGV in becoming its subsidiary.
• The acquisition was undertaken for the purposes of setting up our gold refining facility at Sharjah UAE that commenced refining of gold and its by-product silver (“Precious Metals”) in the month of August 2024.
• However, the Board of Directors, at its meeting on 24th August 2025 approved the discontinuation of operations effective 17th April 2025, due to low margins, high operational overheads, working capital constraints and continued volatility in the
gold refining sector.
• In this regard, Jain Ikon Global Venture FZC, a subsidiary incorporated in the United Arab Emirates, has been reclassified as an asset held for disposal in view of the company’s plan to divest its stake in the subsidiary.
Page 14
14
FY26 - Company at a glance
One of India’s largest and fastest-growing non-ferrous metal recycling companies, with a
legacy spanning over seven decades
+3.8 lakh
MPTA of
authorized
production capacity
550+
Employees
350+
Customers
7
Recycling Plants
Revenue (Rs. Crs) EBITDA (Rs. Crs) PAT (Rs. Crs)
Recognised as the “Top 10 Metal Recycling Companies”, “Fastest-Growing Company of The Year”1 and “Leading Hedger- Base Metals” 2
Our customers
ROCE ROE
20+
1953
Constituted as a partnership
firm under the name of Jain
Metal Rolling Mills
120+
Countries from which
RM sourced
9,543
(+46% CAGR)
559
(+65% CAGR)
347
(+56% CAGR)
25% 31%
…and many more
1 For the year 2023 2 For the year 2025
Note: Brand Names mentioned are the property of their respective owners and are used here for identification purposes only
LME
One of the largest Indian
recyclers with LME-registered lead
ingots; also registered with MCX
Crisil AA-/Stable
Credit Rating
Export Countries
2026
Commissioning of
Value-Added
Copper Products
Product Portfolio
Lead & Lead Alloy Ingots
Copper, Copper Ingots & Value-Added Products
Aluminum, Aluminum Ingots, Molten Aluminum
Solder Tin Alloy & Tin Ingots
Plastic – PP & PVC Granules
Page 17
Backed by an Experienced set of Board of Directors
• Retired Principal Commissioner, IRS (Customs &
GST) with 30+ years of experience.
• Led Customs, GST and Central Excise functions
across key Commissionerates.
• Expertise in tax administration, audit,
investigation and regulatory compliance.
• Represented India at international trade and
customs forums.
• Experience of 24+ years in the field of
Information Technology
• Associated with the company since 2025
• Held the position of VP on the board of Tata
Consultancy Services
• Bachelor’s degree in science in the field of
Mathematics and a diploma in Systems
Management, from University of Mumbai
• Experience of 28+ years in the field of audit
practice and taxation
• Associated with the company since 2025
• Partner at Sanjiv Shah & Associates, Chartered
Accountants and also a director on the board of
Jumbo Bag Limited
• Qualified Chartered Accountant and a fellow
member of ICAI
• Practicing Company Secretary with 14+ years
experience in corporate laws and governance.
• Advises companies on Companies Act,
compliance and restructuring.
• Expertise in board advisory, due diligence and
securities law.
• M.Com, ACS, with expertise in governance and
risk management.
Prakash Kumar
Behra
Independent Director
Jayaramakrishnan
Kannan
Independent Director
Rajendra Kumar
Prasan
Independent Director
Kajal Mayur
Saiya
Independent Director
Strong management team
17
• Experience of 30+ years in the metal industry
• Significant experience in the metal industry has been
at the core of the company’s growth and expansion
• Associated with the Bombay Metal Exchange as a
Senior Vice President of their South India chapter
and Regional Vice President, South India of the
Recycling Association of Africa
• Holds directorship in 6 other companies
• Bachelor’s degree in Commerce from the University
of Madras
Kamlesh Jain
Chairman & Managing Director
• Experience of 10+ years in the metal industry
• Associated with the company since 2022
• Member of Lead Product Advisory Committee
of the Multi Commodity Exchange of India Ltd
• Has held a position of Designated Partner on
the board of Fervent Global LLP
• Qualified Chartered Accountant from the
Institute of Chartered Accountants of India
Mayank Pareek
Joint Managing Director
• Experience of 15+ years in Accounts, Audit, and
Taxation
• Associated with the company since 2022
• Held the position of CA with Spell Bounds
Audits Pvt Ltd
• Qualified Chartered Accountant form the
Institute of Chartered Accountants of India
• Obtained his Bachelor’s degree in Commerce
from M.L. Shah College, Gujarat University
Hemant Shantilal Jain
Executive Director &
Chief Financial Officer
• Associated with the company since 2019
• Initially joined as Head of Operations,
overseeing supply chain management and
strategic leadership
• Oversees global procurement operations,
handling over 20,000 metric tons of materials
monthly from suppliers across 70+ countries
• Obtained his Bachelor’s degree in Business
Administration from SPJ Global Management,
Sydney
Sanchit Jain
Executive Director
Page 19
Actual Production Capacity as of September 30, 2026
Facility 1
• Copper & Copper ingots – 83,042 MTPA
• Lead & Lead alloy ingots - 1,84,000 MTPA
• Aluminium & Aluminium alloys – 35,994
MTPA
• Plastic – PP & PVC Granules - 13,200 MTPA
• Solder Tin Alloy & Tin Ingots– 500 MTPA
• Copper Anode/Cathode/Wire Rod/
Busbar/Strip – 12,000 MTPA
• Motor/Alternator/Starter scrap – 71,160
MTPA
Copper Scrap druid, Copper scrap berry and
Copper scrap birch
High-capacity lead refining
furnaces
Advanced technology lead
smelting rotary furnaces
Coreless and channel-type
induction furnaces2
Regen burner technology
Aluminium melting furnaces
Automatic casting lines aided by
robotic system
High-end automatic lead acid
battery breaker
Cable scrap granulation machine
1 The list of the Raw material is not exhaustive 2 Furnace is for copper melting
SIPCOT Industrial
Estate, Chennai
Ennore Port
Katupalli Port
SIPCOT Industrial Estate
1. Strategically located recycling facilities
19
End-to-end
recycling processes
7*
Recycling Facilities
45+
Acres of land
Cross-facility
utilization
of our by products
Map of Chennai District
Equipment and
systems in our
Recycling Facilities
Raw material Authorised production quantity
…having multi product processing capabilities
*7th Facility: Hosur facility functions as segregating facility
Note: Map not to scale. All data, information, and maps are provided “as is’ without warranty or any representation of
accuracy, timeliness or completeness
Facility 2
Facility 3
Facility 4
Facility 5
Facility 6
Lead scrap rains, Lead scrap rinks, Copper scrap
druid, Copper scrap birch1
Aluminium scrap tread, Aluminium scrap talon
and aluminium scrap tense
Copper Value Added Products
Plastic – PP & Granules
Ahmedabad – Copper Scrap Recycling Facility
Ahmedabad,
Gujarat
Page 20
Copper & Copper Ingots
Refined Copper Billet
Purity ranges from 95.00% to 99.07%; Used
in Cable, Chemicals, and auto industries
Copper Alloy Billets/Ingots
Made by combining copper with elements
like zinc, tin, or nickel; Used for industrial
applications
Copper Ingots
Solid blocks of refined copper with varying
purity levels; used in industrial applications
Finished Copper Scrap
It includes various recycled copper scrap
differing in copper content; applications for
industrial use
Registered as a brand by the
London Metal Exchange
Refined Lead Ingot
Converting various types of lead scrap into
refined lead, with PB% ranging from
99.97% to 99.99%. It is used in Lead Acid
Batteries, Radiation, Shielding,
Ammunition, Aerospace, and more
Antimony Lead Ingot
Used in Battery terminals, anodes,
cathodes, grid paste, etc.
Remelted Lead Ingot
Used in Battery industry and Cable &
Electrical Industry
Lead & Lead Alloy Ingots
2. Diversified product capabilities
Plastics
Plastic scrap from lead batteries is recycled
into PP/PVC granules, used in
manufacturing pipes, cables, and apparels.
Product wise Revenue Split (%)
8%
26%
62%
1%
3%
Copper & Copper ingots
Lead & Lead alloy ingots
Copper Value Added Products
Aluminium & Aluminium alloys
Others*
20
H1 FY27
* Others includes trading of non-ferrous metals and other commodities, service income and other adjustments
Aluminum & Aluminium Ingots
Aluminium Alloy Ingot
Various grades of primary alloys- XSB, LM6,
etc. & secondary alloy- ADC-12, etc. are
manufactured. Used in Electrical and power
Industry, electronics industry
Molten Aluminium Alloy
Through recycling, Aluminium is delivered in
molten state; used in various industries due
to its lightweight, high strength, corrosion
resistance, etc.
Tin
Tin is extracted as a by-product in the lead
recycling process. It finds applications in
industries such as electronics (soldering),
food packaging (tin plating), and
automotive components.
Copper Value Added Products
Copper Anode, Cathode, Wire Rod and Bus
Bars
Page 32
Financial performance (2/2)
32
FY23 FY24 FY25* FY26^ H1FY27
12.3%
19.1%
24.2% 25.3%
18.2%
FY23 FY24 FY25* FY26^ H1FY27
59.9% 57.7%
40.8%
30.4%
19.6%
47.9
57.8
83.4
76.1
43.5
FY23 FY24 FY25* FY26 H1FY27
3.0
1.7
0.9
0.7 0.5
FY23 FY24 FY25* FY26 H1FY27
44
40
34
62
47
28
18
8
18 18
5 3 4
14 16
FY23 FY24 FY25* FY26 H1FY27
Inventory days Debtor days Creditor days
67 days 55 days 38 days
Return on Capital Employed (%) Fixed Asset Turnover Ratio (x)
Return on Equity (%) Net Debt to Equity Ratio (x)
Working Capital (No. of Days)
66 days
*FY25 includes operations of M/s Ikon Square Limited UAE (“ISL”), engaged in gold and silver refining. The Board of Directors, at its meeting on 24th August
2025, approved the discontinuation of ISL’s operations effective 17th April 2025, due to low margins, high operating costs, working capital constraints, and
sector volatility under stringent AML regulations.
^Post-IPO ROE and ROCE reflect the impact of increased equity base following capital infusion; returns are
expected to normalize as new capital is deployed.
49 days
#
#
# annualized
Page 33
Particulars (INR Crs) H1FY27 FY26 FY25 FY24 FY23
Revenue from Operations 6,061.4 9,543.1 6,429.4 4,428.4 3,064.1
Cost of Goods Sold 5,679.2 8,724.1 5,844.4 4,009.5 2,787.9
Employee Cost 23.1 42.6 28.0 32.4 14.4
Other Expenses 110.8 217.4 192.0 159.3 137.5
EBITDA 248.3 558.9 365.0 227.2 124.2
EBITDA Margin 4.1% 5.9% 5.7% 5.1% 4.1%
Depreciation 10.2 14.5 14.2 15.7 13.5
Other Income 22.0 28.4 36.1 56.4 43.5
EBIT 260.2 572.8 386.8 268.0 154.1
EBIT Margin 4.3% 6.0% 6.0% 6.1% 5.0%
Finance Cost 39.7 95.7 83.5 53.3 30.5
Exceptional Items -2.3 - - - -
Share of loss of an associate -1.3 -0.9 -0.2 - -
Profit before Tax 216.9 476.1 303.1 214.6 123.6
Profit before Tax Margin 3.6% 5.0% 4.7% 4.8% 4.0%
Tax 56.6 123.9 81.3 50.8 31.8
Profit After Tax from continuing operations 160.3 352.2 221.8 163.8 91.8
Profit After Tax Margin % 2.6% 3.7% 3.4% 3.7% 3.0%
Loss before tax from discontinued operation* -0.3 -4.8 1.5 - -
Profit for the period 160.0 347.4 223.3 163.8 91.8
PAT Margin % 2.6% 3.6% 3.5% 3.7% 3.0%
EPS 4.65* 10.39 7.11 5.3 3.0
Consolidated profit and loss account statement
33*Annualized EPS stands at 9.3
Page 34
Consolidated balance sheet statement
34
Particulars (INR Crs) Sep-26 Mar-26 Mar-25 Mar-24 Mar-23
Property, Plant & Equipments 117.7 92.6 71.6 64.7 58.4
Capital Work-in-progress 93.6 45.0 3.2 0.0 0.0
Right-of-use Assets 47.1 21.4 16.8 14.5 15.7
Goodwill 0.4 0.4 0.4 0.0 0.0
Intangible Assets 0.0 0.0 0.1 0.0 0.0
Financial Assets
(i) Investments 2.9 5.3 26.0 2.1 0.1
(ii) Other financial assets 6.2 4.3 41.0 4.1 3.5
Loans & Advances 0.0 0.0 15.8 0.0 0.0
Deferred tax assets (net) 1.4 0.0 0.0 0.0 0.0
Income Tax Assets (Net) 1.7 1.1 0.0 0.0 0.0
Other Non-Current Assets 14.4 27.4 16.2 2.9 6.1
Non - Current Assets 285.5 197.6 191.1 88.4 83.9
Inventories 1,461.0 1,476.7 675.2 550.4 341.7
Financial Assets
(i) Investments 18.0 144.1 129.5 183.3 254.1
(ii) Trade receivables 706.0 476.0 10.3 14.3 0.0
(iii) Cash and cash equivalents 29.6 69.7 23.6 81.4 5.5
(iv) Bank balances other than
cash and cash equivalents 160.4 169.6 224.7 218.8 140.2
(v) Loans 0.0 0.0 80.5 14.9 78.3
Other Financial Assets 46.6 227.9 38.2 52.0 7.4
Other Current Assets 962.1 590.0 463.2 325.2 204.8
Assets included in the disposal
group held for sale 30.9 30.6 - - -
Current Assets 3,383.6 3,154.0 1,645.1 1,440.4 1,032.1
Total Assets 3,700.0 3,382.2 1,836.2 1,528.8 1,116.0
Particulars (INR Crs) Sep-26 Mar-26 Mar-25 Mar-24 Mar-23
Share Capital 69.0 69.0 64.7 41.0 40.0
Other Equity 1,653.2 1,492.2 661.4 328.1 159.1
Non Controlling Interest -2.5 -3.1 -1.3 0.0 2.2
Total Equity 1,719.7 1,558.1 724.7 369.2 201.3
Financial Liabilities
(i) Borrowings 0.5 0.7 3.5 36.2 41.5
(ii) Lease Liabilities 28.3 3.1 6.7 4.0 5.0
Other Financial Liabilities 0.0 0.0 0.1 92.7 119.1
Provisions 5.2 5.5 3.4 1.8 1.1
Deferred Tax Liabilities (Net) 14.4 44.1 8.5 1.5 3.9
Non-Current Liabilities 48.3 53.4 22.1 136.1 170.5
Financial Liabilities
(i) Borrowings 1,084.4 1,276.2 916.4 873.2 691.3
(ii) Trade Payables 642.9 339.8 103.5 27.0 33.3
(iii) Lease Liabilities 2.5 1.3 1.7 1.0 0.8
(iv) Other Financial Liabilities 124.1 102.8 47.0 31.2 8.2
Other Current Liabilities 24.6 37.0 11.0 80.6 3.2
Current Tax Liabilities 48.9 9.2 9.1 10.3 7.2
Provisions 1.3 1.2 0.7 0.2 0.1
Liabilities included in the disposal
group held for sale 3.4 3.3 - - -
Current Liabilities 1,928.6 1,767.4 1,089.4 1,023.5 744.2
Total Equity & Liabilities 3,700.0 3,382.2 1,836.2 1,528.8 1,116.0