A decade of profit. Almost none of it in cash.
Every year these eight have on file — ten for the oldest, six for the youngest — adds up to ₹37,933 crore of reported profit. After paying for the plants they built, ₹4,042 crore was left as cash.
Eleven paise in the rupee. They are worth ₹5.28 lakh crore — 131 times all the spare cash the industry has ever made.
Divi’s produced more of it than the other seven together. Piramal is ₹3,862 crore short, having paid lenders ₹1,917 crore since FY21 against ₹808 crore of profit for its owners. Laurus paid ₹1,263 crore of interest to keep ₹261 crore.
And another ₹6,119 crore of plant stands unfinished — one rupee in five of everything they have ever built, earning nothing yet.
A sector, read end to end, and the companies as they are published. Roughly monthly. Nothing else, and one click to stop.
Not advice. Quotes are from the companies’ own earnings calls; figures from their filings.