Board’s Report
Dear Members,
Your Directors are pleased to present the 55th Annual Report for the year ended March 31, 2026.
Financial Results
(₹ in Crores)
| Particulars | Standalone | Consolidated | ||
|---|---|---|---|---|
| 2025-26 | 2024-25 | 2025-26 | 2024-25 | |
| Revenue from operations | 12,420.51 | 11,697.97 | 15,786.51 | 14,693.07 |
| Other income | 128.78 | 174.97 | 107.06 | 132.72 |
| Total Income | 12,549.29 | 11,872.94 | 15,893.57 | 14,825.79 |
| Profit Before Interest, Depreciation & Tax (PBIDT) | 3,151.86 | 2,630.69 | 3,516.70 | 2,851.16 |
| Less: Interest & Finance Charge | 205.61 | 296.35 | 278.04 | 375.96 |
| Less: Depreciation and amortisation charge | 688.54 | 629.96 | 852.07 | 771.50 |
| Profit Before exceptional items & Tax (PBT) | 2,257.71 | 1,704.38 | 2,386.59 | 1,703.70 |
| Less: Exceptional Item | 84.22 | – | 84.95 | – |
| Profit Before Tax (PBT) | 2,173.49 | 1,704.38 | 2,301.64 | 1,703.70 |
| Less: Provision For Taxation including Deferred Tax Charge | 448.86 | 436.31 | 466.46 | 452.92 |
| Profit After Taxation (PAT) | 1,724.63 | 1,268.07 | 1,835.18 | 1,250.78 |
| Add: Profit Brought Forward | 9,855.58 | 8,801.15 | 10,881.21 | 9,844.52 |
| Total | 11,580.21 | 10,069.22 | 12,716.39 | 11,095.30 |
Appropriation
(₹ in Crores)
| Particulars | Standalone | Consolidated | ||
|---|---|---|---|---|
| 2025-26 | 2024-25 | 2025-26 | 2024-25 | |
| Interim dividend on Equity Shares | 266.77 | 213.43 | 266.77 | 213.43 |
| Other comprehensive income arising from re-measurement of defined benefit obligation | -0.35 | -0.21 | 1.47 | -0.66 |
| Amount transferred to Debenture Redemption Reserve | – | – | – | – |
| Amount transferred to Legal Reserve | – | – | 0.45 | – |
| Profit carried to Balance Sheet | 11,313.09 | 9,855.58 | 12,450.64 | 10,881.21 |
Operations Review
Total revenue from operations of the Company on standalone basis increased by 6.18 per cent from ₹ 11,697.97 Crores in 2024-25 to ₹ 12,420.51 Crores in 2025-26. The profit before interest, depreciation and tax (PBIDT) including ‘other income’ on a standalone basis increased from ₹ 2,630.69 Crores in 2024-25 to ₹ 3,151.86 Crores in 2025-26.
Profit before tax (PBT) on a standalone basis increased by 27.52 per cent from ₹ 1,704.38 Crores in 2024-25 to ₹ 2,173.49 Crores in 2025-26. After accounting for the provision for tax of ₹ 448.86 Crores, profit after tax (PAT) on a standalone basis increased by 36 per cent from ₹ 1,268.07 Crores in 2024-25 to ₹ 1,724.63 Crores in 2025-26.
Total revenue from operations of the Company on consolidated basis increased by 7.44 per cent from ₹ 14,693.07 Crores in 2024-25 to ₹ 15,786.51 Crores in 2025-26. The profit before interest, depreciation and tax (PBIDT) including ‘other income’ on a consolidated basis increased from ₹ 2,851.16 Crores in 2024-25 to ₹ 3,516.70 Crores in 2025-26.
Profit before tax (PBT) on a consolidated basis increased by 35.10 per cent from ₹ 1,703.70 Crores in 2024-25 to ₹ 2,301.64 Crores in 2025-26. After accounting for the provision for tax of ₹ 466.46 Crores, profit after tax (PAT) on a consolidated basis increased by 46.72 per cent from ₹ 1,250.78 Crores in 2024-25 to ₹ 1,835.18 Crores in 2025-26.
