Standalone figures
| Ratio | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross margin % | 18.4% | 26.2% | 23.1% | 24.3% | 32.7% | 34% |
| EBITDA margin % | 7.1% | 8% | 7.9% | 6.2% | 6.5% | 3.5% |
| EBIT margin % | 4.4% | 6% | 5.6% | 3.2% | 1.5% | -1.4% |
| PAT margin % | 3.3% | 4.6% | 5.2% | 4.3% | 3.9% | 4.6% |
| Working capital | ||||||
| Receivable days | 56 | — | 76 | 81 | 110 | 112 |
| Inventory days | 12 | — | 38 | 35 | 104 | 108 |
| Payable days | — | — | 22 | 36 | 61 | 67 |
| NWC days | — | — | 92 | 80 | 152 | 153 |
| Leverage | ||||||
| Current ratio | 2.13 | — | 1.94 | 1.58 | 3.33 | 1.98 |
| Debt to EBITDA | 0.68 | — | 1.84 | 2.69 | 3.9 | 5.54 |
| Debt to equity | 0.16 | — | 0.47 | 0.54 | 0.23 | 0.2 |
| Interest coverage | 10.2 | 10.3 | 7.1 | 5.1 | 3.6 | 4.4 |
| Asset turnover | 2.42 | — | 1.95 | 1.71 | 0.67 | 0.74 |
| Return ratios | ||||||
| Return on assets % | 8% | — | 10.1% | 7.4% | 2.6% | 3.4% |
| Return on capital employed % | 15.6% | — | 24.4% | 22.9% | 9.3% | 7.6% |
| Return on equity % | 11% | — | 16.7% | 14% | 3.6% | 4.7% |
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.