Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 85.6% | 70.9% | 67.3% | 68.8% | ||||
| 61.9% |
| 55.4% |
| 59.2% |
| 68.7% |
| EBITDA margin % | 13.5% | 14.9% | 13.6% | 10.9% | 8.4% | 7.5% | 7.7% | 8.5% |
| EBIT margin % | 11.5% | 12.1% | 11.3% | 9.4% | 7.2% | 6.1% | 6.4% | 6.8% |
| PAT margin % | 7.5% | 9.8% | 10.7% | -6.7% | 10.5% | 5.7% | 2.8% | 5.5% |
| Working capital | ||||||||
| Receivable days | — | — | 115 | 83 | 57 | 52 | 66 | 104 |
| Inventory days | — | — | 50 | 48 | 45 | 46 | 44 | 50 |
| Payable days | — | — | 205 | 206 | 154 | 167 | 128 | 196 |
| NWC days | — | — | -40 | -75 | -52 | -69 | -18 | -43 |
| Leverage | ||||||||
| Current ratio | — | — | 1.12 | 1.59 | 1.37 | 1.32 | 1.66 | 1.99 |
| Debt to EBITDA | — | — | 0.84 | 1.11 | 1.87 | 2.5 | 3.76 | 4.26 |
| Debt to equity | — | — | 0.15 | 0.21 | 0.3 | 0.38 | 0.51 | 0.49 |
| Interest coverage | 6.1 | 7.2 | 8.1 | 7.4 | 4 | 2.6 | 1.9 | 1.7 |
| Asset turnover | — | — | 0.69 | 0.86 | 0.89 | 0.88 | 0.75 | 0.64 |
| Return ratios | ||||||||
| Return on assets % | — | — | 7.4% | -5.8% | 9.3% | 5.1% | 2.1% | 3.5% |
| Return on capital employed % | — | — | 18% | 18.8% | 15.5% | 13.6% | 11% | 9% |
| Return on equity % | — | — | 13.6% | -11.4% | 19.9% | 11.6% | 4.9% | 7.4% |
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.