Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 13.7% | 13.3% | 11.5% | 9% | 9.6% | 9% | 11.1% |
| EBITDA margin % | 7% | 4.4% | 5.5% | 4.8% | 4.2% | 4.5% | 4.1% | 3.6% |
| EBIT margin % | 5.4% | 3.4% | 4.1% | 3.9% | 3.5% | 3.8% | 3.5% | 2.8% |
| PAT margin % | 2.5% | 2% | 2.6% | 2.7% | 2.8% | 2.8% | 2.7% | 2.6% |
| Working capital | ||||||||
| Receivable days | — | — | 54 | 35 | 34 | 44 | 42 | 35 |
| Inventory days | 20 | — | 23 | 18 | 24 | 28 | 37 | 34 |
| Payable days | 0 | — | 12 | 9 | 25 | 24 | 26 | 11 |
| NWC days | — | — | 65 | 44 | 34 | 48 | 54 | 58 |
| Leverage | ||||||||
| Current ratio | 2 | — | 2.09 | 2.14 | 2.03 | 1.86 | 1.7 | 2 |
| Debt to EBITDA | 0.13 | — | 2.28 | 1.83 | 0.81 | 1.64 | 2.21 | 3.07 |
| Debt to equity | 0.04 | — | 0.64 | 0.52 | 0.2 | 0.38 | 0.46 | 0.35 |
| Interest coverage | 3.2 | 3.3 | 4 | 5.5 | 7.6 | 6 | 6.1 | 4.1 |
| Asset turnover | 2.33 | — | 2.6 | 3.26 | 3.54 | 2.94 | 2.76 | 2.12 |
| Return ratios | ||||||||
| Return on assets % | 5.8% | — | 6.7% | 8.9% | 9.9% | 8.1% | 7.4% | 5.5% |
| Return on capital employed % | 20.7% | — | 19.2% | 26.5% | 25.4% | 23.2% | 22.4% | 14.5% |
| Return on equity % | 9.9% | — | 13% | 16.2% | 16.6% | 14.4% | 13.7% | 8.2% |
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.