Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 47.3% | 46.6% | 48.4% | 46% | ||||
| 47.5% |
| 50% |
| 46.1% |
| 45.2% |
| EBITDA margin % | 12.3% | 11.9% | 9.9% | 9.4% | 11.1% | 12.3% | 11.5% | 11.2% |
| EBIT margin % | 9% | 7.1% | 3.6% | 4.2% | 6.3% | 6.9% | 5.8% | 5.1% |
| PAT margin % | 4.7% | 2% | -1% | 1% | 3.5% | 3.3% | 2.5% | 2% |
| Working capital | ||||||||
| Receivable days | 105 | — | 148 | 136 | 115 | 122 | 110 | 110 |
| Inventory days | 72 | — | 112 | 82 | 76 | 61 | 48 | 56 |
| Payable days | — | — | 135 | 140 | 115 | 116 | 103 | 139 |
| NWC days | — | — | 124 | 79 | 76 | 67 | 56 | 27 |
| Leverage | ||||||||
| Current ratio | 1.12 | — | 1.26 | 1.4 | 1.35 | 1.36 | 1.18 | 1.06 |
| Debt to EBITDA | 1.94 | — | 4.52 | 2.63 | 1.95 | 1.59 | 1.79 | 1.57 |
| Debt to equity | 0.83 | — | 1.05 | 0.55 | 0.58 | 0.52 | 0.57 | 0.51 |
| Interest coverage | 3.2 | 1.6 | 0.8 | 1.5 | 2.7 | 2.6 | 2.2 | 2.3 |
| Asset turnover | 1.3 | — | 0.86 | 1.02 | 1.24 | 1.24 | 1.28 | 1.24 |
| Return ratios | ||||||||
| Return on assets % | 6.1% | — | -0.9% | 1% | 4.3% | 4.1% | 3.2% | 2.5% |
| Return on capital employed % | 27.5% | — | 5.8% | 8% | 13.9% | 15.5% | 13.5% | 13.3% |
| Return on equity % | 16.3% | — | -2.4% | 2.1% | 9.4% | 8.8% | 7% | 5.7% |
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.