Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 82.9% | 76.6% | 74.8% | 89.1% | 60% | 54.5% | 51.6% | 53.9% |
| EBITDA margin % | 35.3% | 24% | 20.7% | 17.2% | 9.6% | 15% | 4.3% | 0.9% |
| EBIT margin % | 16.9% | 9.4% | 7.5% | 6.8% | 5.1% | 12% | -0.6% | -2.1% |
| PAT margin % | 10.1% | 8.4% | 8.1% | 4.6% | -17.9% | 7.7% | 2.9% | -0.2% |
| Working capital | ||||||||
| Receivable days | 691 | 642 | 520 | 412 | 125 | 117 | 95 | 108 |
| Inventory days | 960 | 576 | 524 | 1,037 | 185 | 134 | 101 | 98 |
| Payable days | — | — | 510 | 525 | 79 | 0 | 207 | 339 |
| NWC days | — | — | 533 | 924 | 232 | 251 | -10 | -134 |
| Leverage | ||||||||
| Current ratio | 2.52 | 2.7 | 2.91 | 4.05 | 2.55 | 2.14 | 2.43 | 1.67 |
| Debt to EBITDA | 2.43 | 2.29 | 2.76 | 2.02 | 2.33 | 1.31 | 3.69 | 33.06 |
| Debt to equity | 0.14 | 0.11 | 0.11 | 0.09 | 0.1 | 0.12 | 0.12 | 0.24 |
| Interest coverage | 1.8 | 2.3 | 3.3 | 4 | 5.2 | 7.2 | 5.7 | 0.7 |
| Asset turnover | 0.12 | 0.16 | 0.16 | 0.21 | 0.38 | 0.47 | 0.51 | 0.49 |
| Return ratios | ||||||||
| Return on assets % | 1.3% | 1.3% | 1.3% | 1% | -6.8% | 3.7% | 1.5% | -0.1% |
| Return on capital employed % | 3.4% | 2.9% | 2.2% | 2.1% | 3.3% | 7.5% | 7.1% | 1.3% |
| Return on equity % | 1.6% | 1.7% | 1.6% | 1.2% | -8.3% | 4.7% | 2.2% | -0.2% |
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.