Consol_Cashflow

Consolidated Statement Of Cash Flows

(₹ In Crore)

Particulars

For the year ended 31 March

2026

2025

      

I.

Operating activities

Profit before tax

13,951.54

10,223.53

Adjustments to reconcile profit before tax to net cash flows:

Add:

i)

Depreciation and amortisation expense

644.69

414.23

ii)

Loss on property, plant and equipment sold,

demolished, discarded and scrapped

36.14

2.35

iii)

Provision/Impairment for doubtful debts and advances/loans

546.81

142.42

iv)

Bad debts written off

12.09

6.82

v)

Share based payment to employees

74.65

67.32

vi)

Exchange loss/(gain) on cash and cash equivalents

0.88

6.71

vii)

Exchange loss/(gain) on trade receivables

(41.92)

0.07

viii)

Exchange loss/(gain) on import payables

3.30

0.51

ix)

Exchange loss/(gain) on borrowings

–

16.44

x)

Interest adjustment on Government grant

1.99

1.79

xi)

Interest income on Income-tax refund

(34.53)

–

xii)

Interest expense (excluding financial services business)

258.22

66.30

   

1,502.32

724.96

Less:

i)

Investment income included in above:

Interest income on fixed income securities

147.24

123.81

Interest income on fixed deposits

102.47

124.78

Interest income on loans

568.39

8.38

Interest income on exchange traded funds

432.53

436.49

Interest income on fixed maturity plans

52.77

49.55

Profit/(loss) on sale of other investments, net

12.79

31.05

Gain on valuation and realisation of mutual funds measured at fair value through profit or loss

486.49

648.28

Dividend income on other strategic investments

32.55

30.10

Amortisation of premium/discount on acquisition of fixed income securities

(6.16)

1.35

1,829.07

1,453.79

ii)

Share of profits/(loss) of associate

560.74

(915.48)

iii)

Government grants

2.65

2.65

iv)

Gain on NPV settlement of deferred sales tax

34.53

–

v)

Surplus on sale of property, plant and equipment

4.08

3.23

(2,431.07)

(544.19)

13,022.79

10,404.30

Change in assets and liabilities

i)

(Increase)/decrease in inventories

639.02

(388.61)

ii)

(Increase)/decrease in trade receivables

1,346.44

(51.64)

iii)

(Increase)/decrease in loans and other assets

(10,370.85)

(9,848.16)

iv)

Increase/(decrease) in liabilities and provisions

1,388.83

1,228.70

(6,996.56)

(9,059.71)

Annuity payments (net) to VRS/Welfare scheme optees

(0.09)

(0.12)

Net cash flow from operating activities before income tax

6,026.14

1,344.47

Income tax paid

(3,429.54)

(2,750.04)

Net cash flow from/(used in) operating activities

2,596.60

(1,405.57)

   

II.

Investing activities

i)

Sale of investments

25,834.52

9,803.85

ii)

Purchase of investments

(26,617.14)

(11,896.59)

iii)

Sale/(purchase) of liquid mutual funds, etc., net

536.30

1,425.49

iv)

Addition to investment property

(1.66)

–

v)

Loans given

(7,702.59)

(518.68)

vi)

Changes in treasury shares by ESOP trust

(39.00)

51.01

vii)

(Increase)/decrease in other bank balances

(15.32)

22.88

viii)

Deposits with Banks placed

(290.65)

(2,808.72)

ix)

Deposits with Banks redeemed

1,296.65

3,424.53

x)

Purchase of property, plant and equipment (including advances)

(560.39)

(813.54)

xi)

Sale proceeds of property plant and equipment

10.24

6.38

xii)

Cash and cash equivalent acquired net of consideration paid for business combination

355.34

–

xiii)

Expenditure on intangible assets (including under development)

(161.93)

(60.30)

(7,355.63)

(1,363.69)

xiv)

Investment income

Interest income on fixed income securities

147.24

123.81

Interest income on fixed deposits

102.47

124.78

Interest income on loans

162.00

8.38

Dividend income on other strategic investments

32.55

30.10

444.26

287.07

(Increase)/decrease in interest receivable

(122.51)

20.35

321.75

307.42

       

Net cash flow from/(used in) investing activities

(7,033.88)

(1,056.27)

   

III.

Financing activities

i)

Interest expense (excluding financial services business)

(258.22)

(66.30)

ii)

Change in sales tax deferral liability

(0.02)

0.01

iii)

Repayment of deferred sales tax liability (NPV basis)

(21.79)

–

iv)

Proceeds from borrowings

23,266.49

8,945.14

v)

Repayment of borrowings

(12,584.96)

(1,510.96)

vi)

Proceeds from Debt Securities

2,453.45

–

vii)

(Repayment) of Debt Securities

(1,990.00)

–

viii)

Equity share buy-back (incl. tax and expenses)

–

(931.84)

ix)

Issue of capital (including securities premium)

93.43

29.34

x)

Payment of principal portion of lease liabilities

(24.35)

–

xi)

Dividend paid (including payment of earlier unclaimed dividend)

(5,854.58)

(2,235.32)

   

Net cash flow from/(used in) financing activities

5,079.45

4,230.07

   

IV.

Change in foreign currency translation arising on consolidation

–

9.56

   

Net change in cash and cash equivalents

642.17

1,777.79

      

Cash and cash equivalents at the beginning of the year

2,331.53

560.45

Add/(Less): Effects of exchange (loss)/gain on cash and cash equivalents

16.27

(6.71)

Cash and cash equivalents at the end of the year [See note 11]

2,989.97

2,331.53

   

For change in liability arising from financing activity (See note 37a)

        

On behalf of the Board of Directors

As per our report of even date

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

Niraj Bajaj

Chairman (DIN: 00028261)

     

Dinesh Thapar

Chief Financial Officer

Rajiv Bajaj

Managing Director (DIN: 00018262)

per Paul Alvares

Partner

Membership Number: 105754

Pune: 06 May 2026

Rajiv Gandhi

Company Secretary

Anami N. Roy

Chairman – Audit Committee

(DIN: 01361110)