Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 31.5% | 30.6% | 27.2% | ||||
| 24.7% |
| 24.1% |
| 24% |
| 23% |
| EBITDA margin % | 4.3% | 6.7% | 9.4% | 6.5% | -2.8% | 2.3% | 2.3% | 2.5% |
| EBIT margin % | 2.6% | 5% | 7.6% | 5.2% | -4.3% | 0.7% | 0.8% | 1.3% |
| PAT margin % | 0.7% | 2.9% | 4.8% | 6.5% | -2% | 2.3% | 2.1% | 0.3% |
| Working capital | ||||||||
| Receivable days | — | 121 | 123 | 110 | 108 | 105 | 121 | 126 |
| Inventory days | — | 107 | 112 | 79 | 56 | 48 | 42 | 24 |
| Payable days | — | 128 | 120 | 69 | 88 | 85 | 98 | 102 |
| NWC days | — | 100 | 116 | 120 | 76 | 69 | 65 | 48 |
| Leverage | ||||||||
| Current ratio | — | 1.35 | 1.68 | 3.05 | 2.63 | 2.56 | 1.99 | 2.59 |
| Debt to EBITDA | — | 2.35 | 1.07 | 0.06 | — | 1.85 | 4.17 | 5.77 |
| Debt to equity | — | 0.38 | 0.2 | 0.01 | 0.06 | 0.04 | 0.09 | 0.1 |
| Interest coverage | 1.8 | 3.2 | 5.8 | 30.7 | -3 | 4.8 | 3.4 | 1.3 |
| Asset turnover | — | 1.12 | 1.1 | 1.21 | 0.84 | 0.79 | 0.69 | 0.55 |
| Return ratios | ||||||||
| Return on assets % | — | 3.3% | 5.2% | 7.9% | -1.6% | 1.8% | 1.5% | 0.2% |
| Return on capital employed % | — | 11.7% | 15.6% | 15.6% | -2.5% | 4% | 2.4% | 1.2% |
| Return on equity % | — | 6.9% | 9.3% | 10.5% | -2.2% | 2.3% | 2% | 0.2% |
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.