Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 18.8% | 21.8% | 21% | 14.8% | 13.9% | 27.9% | 30.9% | 35.5% |
| EBITDA margin % | 6.1% | 4.6% | 7.5% | 4.9% | 2.7% | 9.1% | 9.7% | 8.2% |
| EBIT margin % | 5.4% | 3.9% | 6.6% | 4.4% | 2.5% | 8.6% | 9.1% | 7.4% |
| PAT margin % | 3.1% | 4.3% | 2.8% | 2.7% | 2.4% | 8.9% | 22.6% | 49.4% |
| Working capital | ||||||||
| Receivable days | 122 | 87 | 73 | 48 | 25 | 48 | 31 | 65 |
| Inventory days | 55 | 44 | 38 | 77 | 26 | 48 | 37 | 51 |
| Payable days | 0 | 0 | 175 | 170 | 135 | 283 | 0 | 1 |
| NWC days | 177 | 131 | -64 | -44 | -84 | -188 | 69 | 115 |
| Leverage | ||||||||
| Current ratio | — | — | 1.08 | 1.09 | 1.09 | 1.17 | — | — |
| Debt to EBITDA | 3 | 3.66 | 2.89 | 3.23 | 1.61 | 1.97 | 4.89 | 5.71 |
| Debt to equity | 0.88 | 0.73 | 0.7 | 0.81 | 0.21 | 0.34 | 0.47 | 0.17 |
| Interest coverage | 2.1 | 2.7 | 2.5 | 2.9 | 4.4 | 6.9 | 4 | 2.5 |
| Asset turnover | 1.06 | 1.17 | 1.03 | 1.24 | 1.68 | 0.76 | 0.53 | 0.28 |
| Return ratios | ||||||||
| Return on assets % | 3.3% | 5% | 2.8% | 3.3% | 4% | 6.7% | 12% | 13.8% |
| Return on capital employed % | — | — | 22.9% | 25.8% | 26% | 24.6% | — | — |
| Return on equity % | 15% | 18.6% | 8.9% | 13.7% | 11.6% | 17.1% | 22.6% | 18.1% |
Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.