Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 35.8% | 28.3% | — | 31.6% | 31.9% | 33.1% |
| EBITDA margin % | 7.5% | 10.5% | 12% | 7.1% | 6.9% | 10.7% | 10.4% | 10.5% |
| EBIT margin % | 6.9% | 9.7% | 11% | 6.3% | 6.1% | 9.9% | 9.6% | 9.5% |
| PAT margin % | 3.8% | 6.2% | 7.4% | 4.2% | 3.5% | 6.1% | 6.1% | 6.4% |
| Working capital | ||||||||
| Receivable days | 35 | — | 73 | 66 | — | 56 | 69 | 86 |
| Inventory days | 51 | — | 69 | 78 | — | 74 | 70 | 79 |
| Payable days | — | — | 95 | 54 | — | 55 | 44 | 59 |
| NWC days | — | — | 48 | 91 | — | 75 | 95 | 107 |
| Leverage | ||||||||
| Current ratio | 1.36 | — | 1.67 | 1.91 | — | 2.17 | 2.52 | 3.3 |
| Debt to EBITDA | 1.31 | — | 1.39 | 1.8 | — | 1.24 | 1.13 | 0.46 |
| Debt to equity | 0.61 | — | 0.52 | 0.44 | — | 0.39 | 0.3 | 0.09 |
| Interest coverage | 4.3 | 4.6 | 5.6 | 4.7 | 4.7 | 5.1 | 6.5 | 10.1 |
| Asset turnover | 1.87 | — | 1.45 | 1.81 | — | 1.67 | 1.64 | 1.4 |
| Return ratios | ||||||||
| Return on assets % | 7.1% | — | 10.7% | 7.7% | — | 10.2% | 10% | 9% |
| Return on capital employed % | 33.1% | — | 30.6% | 22% | — | 26.5% | 24.3% | 18.8% |
| Return on equity % | 23.7% | — | 23.2% | 14.6% | — | 18% | 15.7% | 12.7% |
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.