Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 49% | 39.3% | 36.2% | ||||
| 31.6% |
| 40.6% |
| 32.4% |
| 39.6% |
| EBITDA margin % | 8.2% | 5.3% | 5.5% | 6.2% | 6.7% | 10.9% | 10.2% | 9.2% |
| EBIT margin % | 6.9% | 3.8% | 4.6% | 5.3% | 5.9% | 10.1% | 9.1% | 8% |
| PAT margin % | 4.1% | 1.1% | 2% | 2% | 2.4% | 7.1% | 6% | 6.2% |
| Working capital | ||||||||
| Receivable days | 76 | 80 | 78 | 105 | 86 | 98 | 120 | 122 |
| Inventory days | 137 | 312 | 236 | 213 | 153 | 178 | 121 | 126 |
| Payable days | 63 | 133 | 87 | 81 | 73 | 73 | 51 | 41 |
| NWC days | 150 | 259 | 227 | 238 | 166 | 203 | 190 | 207 |
| Leverage | ||||||||
| Current ratio | 1.49 | 1.43 | 1.47 | 1.46 | 1.54 | 1.93 | 2.14 | 2.42 |
| Debt to EBITDA | 3.58 | 5.87 | 5.32 | 5.58 | 3.21 | 1.73 | 1.79 | 1.71 |
| Debt to equity | 0.89 | 0.85 | 0.98 | 1.18 | 0.71 | 0.49 | 0.44 | 0.37 |
| Interest coverage | 4.7 | 1.8 | 2.4 | 2.2 | 2.8 | 5.7 | 6.8 | 8.4 |
| Asset turnover | 1.23 | 1.08 | 1.2 | 1.18 | 1.4 | 1.32 | 1.36 | 1.41 |
| Return ratios | ||||||||
| Return on assets % | 5.1% | 1.2% | 2.4% | 2.4% | 3.4% | 9.3% | 8.1% | 8.7% |
| Return on capital employed % | 22% | 10.8% | 15.6% | 17.3% | 20.1% | 28% | 23.6% | 22.3% |
| Return on equity % | 12.4% | 3.1% | 6.6% | 6.9% | 7.9% | 18.2% | 14.6% | 14.4% |
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.