STATUTORY REPORTS | Board’s Report 95 Dear Shareholders Your Directors present their Report together with the Audited Financial Statements of your Company for the year ended 31st March 2026. A. FINANCIAL AND OPERATIONAL HIGHLIGHTS (Rs. in crore) Particulars Standalone Consolidated 2026 2025 2026 2025 Revenue from Operations............... 1,45,575.77 1,16,483.68 1,97,792.78 1,58,749.75 Income from investment related to subsidiaries, associates and joint ventures........................................... 2,189.58 2,140.85 845.77 461.07 Income from operations................... 1,47,765.35 1,18,624.53 1,98,638.55 1,59,210.82 Other income........................................... 2,774.94 1,711.87 3,445.79 2,181.05 Total Income............................................. 1,50,540.29 1,20,336.40 2,02,084.34 1,61,391.87 Profit before Depreciation, Finance costs, Share of profit of associates and joint venture, Exceptional items and Taxation 25,264.66 20,127.37 40,425.66 32,699.24 Less: Depreciation, Amortisation and Impairment Expenses.............. 4,292.68 4,226.78 7,322.02 6,073.65 Profit before Finance Costs, Share of profit of associates and joint venture, Exceptional items and Taxation............................................. 20,971.98 15,900.59 33,103.64 26,625.59 Less: Finance costs.............................. 249.58 250.47 9,590.85 9,083.39 Profit before Share of profit of associates and joint venture, Exceptional items and Taxation 20,722.40 15,650.12 23,512.79 17,542.20 Add: Share of profit of associates and joint venture................................... - - 1,964.91 1,537.42 Profit before Exceptional items and Tax......................................................... 20,722.40 15,650.12 25,477.70 19,079.62 Exceptional items................................. (98.19) - (292.94) - Profit before Taxation........................ 20,624.21 15,650.12 25,184.76 19,079.62 Less: Tax Expense................................. 4,985.28 3,795.16 6,563.05 5,006.45 Profit for the year................................ 15,638.93 11,854.96 18,621.71 14,073.17 Profit/(Loss) for the year attributable to: - Owners of the Company.............. 15,638.93 11,854.96 17,098.85 12,929.10 - Non-Controlling Interest............... - - 1,522.86 1,144.07 Balance of profit for earlier years.............................................................. 55,569.37 46,400.46 68,007.89 57,717.86 Profits available for appropriation............................................ 71,208.30 58,255.42 85,106.74 70,646.96 Less: Dividend Paid on equity shares............................................................ 3,146.13 2,623.85 2,824.93 2,352.78 Add/(Less): Other adjustment to retained earnings1................................ (51.48) (62.20) 111.40 (286.29) Balance carried forward.................. 68,010.69 55,569.37 82,393.21 68,007.89 1 Remeasurement of net (loss)/gain on defined benefit plans, recognised as part of retained earnings. F or details, refer to ‘Statement of Changes in Equity’ in the Standalone Financial Statements and ‘Consolidated Statement of Changes in Equity’ in the Consolidated Financial Statements respectively forming part of this Annual Report. FY26 witnessed heightened global macroeconomic volatility, driven by escalating geopolitical tensions in the Middle East. Financial markets remained volatile, reflecting concerns around trade fragmentation, energy security and the lagged impact of tighter global financial conditions. Against this global backdrop, India’s economic performance in FY26 remained robust, driven by strong domestic fundamentals and macroeconomic stability. Economic growth was supported by healthy agricultural output and sustained momentum in the service sector. Rationalisation and reduction of Goods & Services Tax (GST) rates during FY26 helped ease cost pressures and improve affordability across key consumption categories. These measures supported demand revival, encouraged higher discretionary spending and strengthened consumption-led growth in the economy. Inflationary pressures moderated further in FY26, supported by benign commodity prices, improved food supply management and proactive policy measures. FY26 headline CPI inflation is projected at approximately 2.1% by the Reserve Bank of India (RBI). With inflation well anchored, India strengthened its macroeconomic stability and policy flexibility. Continued focus on capital expenditure, targeted fiscal support and calibrated monetary policy actions improved liquidity conditions and supported consumptionled growth. Going forward, India’s strong domestic demand, favourable demographics and sustained policy support are expected to underpin a resilient consumption outlook and enable sustainable economic growth. The Profit for the year before Depreciation, Finance Costs, Share of Profit of Associates and Joint Venture, Exceptional items and Taxation recorded an increase of 25.5% at Rs. 25,264.66 crore as against Rs. 20,127.37 crore in the previous year. Profit after tax increased by 31.9% at Rs. 15,638.93 crore as against Rs. 11,854.96 crore in the previous year. Your Company continues to achieve significant savings through its strong focus on cost controls, process efficiencies, and product innovations that consistently exceed customer expectations, enabling it to deliver strong profitable growth. BOARD’S REPORT
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