Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 19.3% | ||||
| 18% |
| 17.3% |
| 20.2% |
| 19.4% |
| EBITDA margin % | 3.2% | 3.8% | 3.5% | 2.7% | 2.9% | 3.4% | 3.7% | 3.1% |
| EBIT margin % | 2.6% | 3.8% | 2.8% | 2% | 2.5% | 3.1% | 3.4% | 2.7% |
| PAT margin % | 1.3% | 1.6% | 1.3% | 3.1% | 1.9% | 1.7% | 2.4% | 1.7% |
| Working capital | ||||||||
| Receivable days | — | — | — | 133 | 98 | 78 | 94 | 99 |
| Inventory days | — | — | — | 111 | 79 | 89 | 148 | 138 |
| Payable days | — | — | — | 74 | 55 | 52 | 69 | 58 |
| NWC days | — | — | — | 170 | 121 | 115 | 174 | 179 |
| Leverage | ||||||||
| Current ratio | — | — | — | 1.85 | 1.73 | 1.79 | 1.81 | 2.15 |
| Debt to EBITDA | — | — | — | 10.74 | 7.12 | 5.43 | 6.8 | 7.23 |
| Debt to equity | — | — | — | 0.6 | 0.72 | 0.67 | 0.69 | 0.51 |
| Interest coverage | 3.1 | 3.9 | 3.3 | 26.3 | 21.3 | 3.8 | 3.3 | 2.6 |
| Asset turnover | — | — | — | 1.02 | 1.56 | 1.69 | 1.25 | 1.22 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | 3.2% | 3% | 2.8% | 3% | 2% |
| Return on capital employed % | — | — | — | 5.8% | 9.1% | 10.7% | 11.4% | 7.7% |
| Return on equity % | — | — | — | 6.4% | 6.6% | 6.1% | 6.6% | 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.