Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 16.3% | 14.6% | 14.2% | 12.7% | 11.8% | 14.3% | 14.1% | 13.5% |
| EBITDA margin % | 8.6% | 7.1% | 6.5% | 4.9% | 4.2% | 5.8% | 6.4% | 6.2% |
| EBIT margin % | 6.3% | 5.1% | 3.5% | 2.3% | 2.2% | 2.9% | 4.2% | 4% |
| PAT margin % | 4.2% | 3.9% | 2.3% | 1.5% | 1% | 0.9% | 2% | 1.8% |
| Working capital | ||||||||
| Receivable days | 122 | — | 146 | 131 | 109 | 92 | 64 | 64 |
| Inventory days | 96 | — | 113 | 89 | 69 | 53 | 75 | 85 |
| Payable days | 1 | — | 219 | 196 | 165 | 166 | 159 | 116 |
| NWC days | 218 | — | 41 | 24 | 14 | -21 | -19 | 33 |
| Leverage | ||||||||
| Current ratio | 1.38 | — | 1.3 | 1.1 | 1.09 | 0.96 | 0.98 | 0.94 |
| Debt to EBITDA | 0.83 | — | 2.08 | 5.67 | 5.36 | 4.29 | 3.5 | 3.9 |
| Debt to equity | 0.16 | — | 0.2 | 0.54 | 0.68 | 0.65 | 0.79 | 0.63 |
| Interest coverage | 10 | 5.4 | 3.3 | 2.9 | 1.7 | 1.4 | 2.2 | 1.9 |
| Asset turnover | 1.05 | 4.28 | 0.73 | 0.75 | 0.98 | 0.92 | 1.07 | 0.96 |
| Return ratios | ||||||||
| Return on assets % | 4.4% | 16.8% | 1.6% | 1.1% | 1% | 0.8% | 2.2% | 1.8% |
| Return on capital employed % | 14.5% | — | 6.5% | 5.9% | 7.6% | 8.2% | 14.1% | 12.5% |
| Return on equity % | 9.5% | — | 3.4% | 3% | 3% | 2.4% | 7.2% | 4.8% |
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.