Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 36% | 38.8% | 34.2% | 36% | 32.6% | 30.6% | 27.9% | 28.2% |
| EBITDA margin % | 6% | 6.3% | 5.7% | 6.4% | 5.8% | 5% | 4.8% | 5.5% |
| EBIT margin % | 4% | 4.5% | 3.9% | 5% | 4.8% | 4% | 3.8% | 4.6% |
| PAT margin % | 1.4% | 1.4% | 1% | 2.8% | 3% | 1.7% | 1.7% | 2.1% |
| Working capital | ||||||||
| Receivable days | — | — | 110 | 97 | 81 | 82 | 82 | 82 |
| Inventory days | — | — | 110 | 95 | 66 | 63 | 53 | 51 |
| Payable days | — | — | 62 | 70 | 53 | 50 | 54 | 55 |
| NWC days | — | — | 158 | 123 | 95 | 95 | 81 | 78 |
| Leverage | ||||||||
| Current ratio | — | — | 1.39 | 1.44 | 1.28 | 1.26 | 1.11 | 1.2 |
| Debt to EBITDA | — | — | 4.67 | 2.77 | 2.64 | 3.24 | 3.71 | 3.07 |
| Debt to equity | — | — | 0.73 | 0.58 | 0.61 | 0.63 | 0.69 | 0.66 |
| Interest coverage | 1.5 | 2 | 2 | 3.5 | 3.9 | 2.7 | 2.3 | 2.8 |
| Asset turnover | — | — | 1.21 | 1.54 | 1.81 | 1.8 | 1.69 | 1.72 |
| Return ratios | ||||||||
| Return on assets % | — | — | 1.2% | 4.3% | 5.4% | 3% | 2.9% | 3.6% |
| Return on capital employed % | — | — | 10.2% | 17.1% | 21.4% | 17.3% | 15.1% | 17.2% |
| Return on equity % | — | — | 2.7% | 9.2% | 11.8% | 6.5% | 6.6% | 8.3% |
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.