Estimates
Source: S&P Capital IQ consensus via Xpressfeed · Generated 2026-07-21.
Street snapshot
The mean price target is ₹517 (median ₹516), spanning a low of ₹425 to a high of ₹610.
Currency: INR · Scale: money in millions, absolute (per share) · Analyst counts shown explicitly; recommendation respondents: 12.
| Street view | Reading | Analysts |
|---|---|---|
| Recommendation mix | Buy 11, Outperform 1, Hold 0, Underperform 0, Sell 0 | 12 |
| Consensus score | 1.08 | 12 |
| Target price | mean 516.8; high 610.0; low 425.0 | 12 |
Forward table
Consensus models steady growth, with revenue rising from ₹12,098 in FY2026 to ₹14,954 (FY2027) and ₹17,621 (FY2028), and normalized EPS advancing from 16.31 to 18.98 to 22.49. Gross margin is held near 49% across the horizon.
Currency: INR · Scale: money in millions, absolute (per share) · Analyst count is the estimate count for each period and metric.
| Period | Metric | Mean | YoY | Analysts | Low / high |
|---|---|---|---|---|---|
| FY0E | Revenue | 14,954 | 33.1% | 11 | 13,190 / 18,586 |
| FY0E | EBITDA | 3,704 | 21.5% | 8 | 3,485 / 3,973 |
| FY0E | EBIT | 3,580 | 18.7% | — | — / — |
| FY0E | Net income (GAAP) | 2,846 | 39.3% | 10 | 2,490 / 3,693 |
| FY0E | Net income (normalized) | 2,846 | 25.7% | — | — / — |
| FY0E | EPS (GAAP) | 18.93 | 35.8% | 11 | 16.57 / 25.20 |
| FY0E | EPS (normalized) | 18.98 | 36.2% | 11 | 16.60 / 25.20 |
| FY0E | Free cash flow | 5,084 | 72.0% | — | — / — |
| FY0E | Dividend per share | 1.50 | -3.6% | — | — / — |
| FY0E | Gross margin | 49.4% | 1.4% | — | — / — |
| FY0E | Capital expenditure | -305.3 | 37.1% | — | — / — |
| FY0E | Net debt | 1,224 | -60.9% | — | — / — |
| FY0E | ROE | 7.7% | 20.8% | — | — / — |
| FY0E | Cash from operations | 3,544 | 80.7% | — | — / — |
| FY+1E | Revenue | 17,621 | 17.8% | 11 | 14,758 / 21,223 |
| FY+1E | EBITDA | 4,768 | 28.7% | 12 | 3,267 / 6,994 |
| FY+1E | EBIT | 4,576 | 27.8% | — | — / — |
| FY+1E | Net income (GAAP) | 3,317 | 16.6% | 12 | 2,460 / 4,650 |
| FY+1E | Net income (normalized) | 3,321 | 16.7% | — | — / — |
| FY+1E | EPS (GAAP) | 22.45 | 18.6% | 12 | 16.80 / 33.00 |
| FY+1E | EPS (normalized) | 22.49 | 18.5% | 12 | 16.80 / 33.45 |
| FY+1E | Free cash flow | -156.5 | -103.1% | — | — / — |
| FY+1E | Dividend per share | 1.50 | 0.3% | — | — / — |
| FY+1E | Gross margin | 49.5% | 0.3% | — | — / — |
| FY+1E | Capital expenditure | -432.2 | 41.6% | — | — / — |
| FY+1E | Net debt | 1,834 | 49.9% | — | — / — |
| FY+1E | Cash from operations | 2,931 | -17.3% | — | — / — |
| FY+1E | ROE | 8.1% | 5.0% | — | — / — |
| FY+2E | Revenue | 25,197 | 43.0% | 5 | 19,448 / 35,745 |
| FY+2E | EBITDA | 7,164 | 50.3% | 5 | 3,268 / 11,553 |
| FY+2E | EBIT | 6,819 | 49.0% | — | — / — |
| FY+2E | Net income (GAAP) | 5,056 | 52.4% | 5 | 2,550 / 7,915 |
| FY+2E | Net income (normalized) | 5,056 | 52.3% | — | — / — |
| FY+2E | EPS (GAAP) | 34.62 | 54.2% | 5 | 16.10 / 56.00 |
| FY+2E | EPS (normalized) | 34.62 | 54.0% | 5 | 16.10 / 56.00 |
| FY+2E | Free cash flow | 1,406 | -998.4% | — | — / — |
| FY+2E | Dividend per share | 3.05 | 102.7% | — | — / — |
| FY+2E | Gross margin | 48.8% | -1.6% | — | — / — |
| FY+2E | Capital expenditure | -1,365 | 215.7% | — | — / — |
| FY+2E | Net debt | 121.0 | -93.4% | — | — / — |
| FY+2E | Cash from operations | 2,357 | -19.6% | — | — / — |
| FY+2E | ROE | 11.1% | 37.8% | — | — / — |
| Q2 FY2027 | Revenue | 3,296 | 30.6% | 1 | 3,296 / 3,296 |
| Q2 FY2027 | EBITDA | 861.0 | 10.6% | 1 | 861.0 / 861.0 |
| Q2 FY2027 | EBIT | 820.0 | 17.8% | — | — / — |
| Q2 FY2027 | Net income (GAAP) | 562.0 | 14.8% | 1 | 562.0 / 562.0 |
| Q2 FY2027 | Net income (normalized) | 562.0 | 10.6% | — | — / — |
| Q2 FY2027 | EPS (GAAP) | 3.80 | 13.8% | 1 | 3.80 / 3.80 |
| Q2 FY2027 | EPS (normalized) | 3.80 | 13.8% | 1 | 3.80 / 3.80 |
| Q2 FY2027 | Gross margin | 50.5% | — | — | — / — |
| Q3 FY2027 | Revenue | 3,726 | 8.3% | 1 | 3,726 / 3,726 |
| Q3 FY2027 | EBITDA | 1,048 | 28.6% | 1 | 1,048 / 1,048 |
| Q3 FY2027 | EBIT | 1,005 | 12.8% | — | — / — |
| Q3 FY2027 | Net income (GAAP) | 708.0 | 21.6% | 1 | 708.0 / 708.0 |
| Q3 FY2027 | Net income (normalized) | 708.0 | 22.8% | — | — / — |
| Q3 FY2027 | EPS (GAAP) | 4.80 | 20.9% | 1 | 4.80 / 4.80 |
| Q3 FY2027 | EPS (normalized) | 4.80 | 20.9% | 1 | 4.80 / 4.80 |
| Q3 FY2027 | Gross margin | 50.5% | 8.1% | — | — / — |
| Q4 FY2027 | Revenue | 4,442 | 31.0% | 1 | 4,442 / 4,442 |
| Q4 FY2027 | EBITDA | 1,372 | 41.9% | 1 | 1,372 / 1,372 |
| Q4 FY2027 | EBIT | 1,328 | 30.9% | — | — / — |
| Q4 FY2027 | Net income (GAAP) | 949.0 | 48.9% | 1 | 949.0 / 949.0 |
| Q4 FY2027 | Net income (normalized) | 949.0 | 35.1% | — | — / — |
| Q4 FY2027 | EPS (GAAP) | 6.50 | 49.8% | 1 | 6.50 / 6.50 |
| Q4 FY2027 | EPS (normalized) | 6.50 | 49.8% | 1 | 6.50 / 6.50 |
| Q4 FY2027 | Gross margin | 50.5% | 15.0% | — | — / — |
Estimate momentum
Recent revisions lean lower on both metrics and both years: FY2027 normalized EPS has slipped from 20.77 (180 days ago) to 18.98, and FY2027 revenue from 17,955 (90 days ago) to 14,954. FY2028 moves the same way, with normalized EPS easing from 25.84 to 22.49.
Currency: INR · Scale: money in millions, absolute (per share) · Point-in-time consensus; analyst count is shown where supplied.
| Period | Metric | Lookback | Then | Now | Direction / magnitude | Analysts |
|---|---|---|---|---|---|---|
| 2027 | EPS (normalized) | 30d | 18.98 | 18.98 | flat 0.0% | — |
| 2027 | EPS (normalized) | 90d | 26.60 | 18.98 | down 28.6% | — |
| 2027 | EPS (normalized) | 180d | 20.77 | 18.98 | down 8.6% | — |
| 2027 | Revenue | 30d | 14,954 | 14,954 | flat 0.0% | — |
| 2027 | Revenue | 90d | 17,955 | 14,954 | down 16.7% | — |
| 2027 | Revenue | 180d | 15,880 | 14,954 | down 5.8% | — |
| 2028 | Revenue | 30d | 17,621 | 17,621 | flat 0.0% | — |
| 2028 | Revenue | 90d | 19,220 | 17,621 | down 8.3% | — |
| 2028 | Revenue | 180d | 19,319 | 17,621 | down 8.8% | — |
| 2028 | EPS (normalized) | 30d | 22.49 | 22.49 | flat 0.0% | — |
| 2028 | EPS (normalized) | 90d | 26.76 | 22.49 | down 16.0% | — |
| 2028 | EPS (normalized) | 180d | 25.84 | 22.49 | down 13.0% | — |
Beat / miss record
Current sequences by metric: Revenue: 2 consecutive misses; EPS (normalized): 1 consecutive beat.
Currency: INR · Scale: money in millions, absolute (per share) · Consensus is captured before each actual first became effective; analyst count shown per observation.
| Quarter | Metric | Consensus as of | Actual | Surprise | Outcome | Analysts |
|---|---|---|---|---|---|---|
| Q1 FY2027 | Revenue | 2,788 | 1,916 | -31.3% | Miss | — |
| Q1 FY2027 | EPS (normalized) | 2.80 | 2.88 | 2.9% | Beat | — |
| Q4 FY2026 | Revenue | 4,059 | 3,390 | -16.5% | Miss | — |
| Q4 FY2026 | EPS (normalized) | 5.40 | 4.34 | -19.6% | Miss | — |
| Q3 FY2026 | Revenue | 2,981 | 3,441 | 15.4% | Beat | — |
| Q3 FY2026 | EPS (normalized) | 4.15 | 3.97 | -4.3% | Miss | — |
| Q2 FY2026 | Revenue | 2,517 | 2,524 | 0.3% | Beat | — |
| Q2 FY2026 | EPS (normalized) | 3.75 | 3.34 | -10.9% | Miss | — |
| Q1 FY2026 | Revenue | 2,860 | 1,883 | -34.2% | Miss | — |
| Q4 FY2025 | Revenue | 4,551 | 2,060 | -54.7% | Miss | — |
| Q4 FY2025 | EPS (normalized) | 5.30 | 3.44 | -35.1% | Miss | — |
| Q3 FY2025 | Revenue | 1,972 | 1,618 | -18.0% | Miss | — |
| Q2 FY2025 | Revenue | 3,141 | 1,690 | -46.2% | Miss | — |
| Q2 FY2025 | EPS (normalized) | 3.20 | 2.36 | -26.2% | Miss | — |
Where the street disagrees
Disagreement widens sharply in the outer years, where coverage thins: FY2029 revenue spans ₹19,448 to ₹35,745 on just 5 estimates, and FY2029 normalized EPS ranges 16.1 to 56.
Currency: INR · Scale: money in millions, absolute (per share) · Dispersion is high-low divided by absolute mean; analyst count shown per item.
| Period | Metric | Mean | Low | High | Spread / mean | Analysts |
|---|---|---|---|---|---|---|
| 2029 | EBITDA | 7,164 | 3,268 | 11,553 | 115.6% | 5 |
| 2029 | EPS (GAAP) | 34.62 | 16.10 | 56.00 | 115.3% | 5 |
| 2029 | EPS (normalized) | 34.62 | 16.10 | 56.00 | 115.3% | 5 |
| 2029 | Net income (GAAP) | 5,056 | 2,550 | 7,915 | 106.1% | 5 |
| Q3 FY2025 | Revenue | 1,972 | 942.0 | 3,002 | 104.5% | 2 |