Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 45.5% | 49.7% | 50.2% | 50.5% | ||||
| 47.7% |
| 64.9% |
| 67.8% |
| 58.9% |
| EBITDA margin % | 26.9% | 22.8% | 22.2% | 25.3% | 14.3% | 24.5% | -5% | 17.2% |
| EBIT margin % | 26.5% | 22.2% | 21.3% | 24.5% | 13.2% | 22.9% | -7.5% | 15.4% |
| PAT margin % | 19.7% | 12.8% | 14.9% | 32.5% | 32.6% | 36.6% | 10.8% | 19.3% |
| Working capital | ||||||||
| Receivable days | — | — | 9 | 3 | 6 | 5 | 3 | 12 |
| Inventory days | — | — | 1,616 | 1,192 | 1,075 | 1,909 | 3,384 | 2,788 |
| Payable days | — | — | 143 | 140 | 98 | 212 | 285 | 112 |
| NWC days | — | — | 1,482 | 1,055 | 983 | 1,701 | 3,102 | 2,688 |
| Leverage | ||||||||
| Current ratio | — | — | 1.84 | 1.22 | 1.07 | 1.12 | 1.14 | 1.15 |
| Debt to EBITDA | — | — | 4.53 | 0.06 | 3.1 | 1.68 | — | 13.91 |
| Debt to equity | — | — | 0.28 | 0 | 0.1 | 0.11 | 0.34 | 0.99 |
| Interest coverage | 3.9 | 2.4 | 1.9 | 5 | 9.5 | 12.7 | 2.7 | 3.1 |
| Asset turnover | — | — | 0.16 | 0.14 | 0.12 | 0.13 | 0.09 | 0.12 |
| Return ratios | ||||||||
| Return on assets % | — | — | 2.3% | 4.7% | 3.9% | 4.9% | 0.9% | 2.3% |
| Return on capital employed % | — | — | 8.7% | 12.6% | 10% | 12.1% | 4.1% | 10% |
| Return on equity % | — | — | 4.2% | 8.3% | 7.2% | 9.7% | 2.3% | 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.