Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 36.4% | 36.2% | 39.8% | ||||
| 45.3% |
| 43.1% |
| 44.5% |
| 45.6% |
| EBITDA margin % | -30.7% | 2.9% | 14.5% | 13.5% | 13.6% | 7.3% | 7.7% | 10.6% |
| EBIT margin % | -38.6% | -4.8% | 8.2% | 7% | 9% | 4% | 4.3% | 6.6% |
| PAT margin % | -45.5% | -59.3% | 8.2% | 6.1% | 9.8% | 4.8% | 2.9% | 7.4% |
| Working capital | ||||||||
| Receivable days | — | — | 49 | 63 | 130 | 109 | 101 | 106 |
| Inventory days | — | — | 124 | 144 | 129 | 125 | 127 | 129 |
| Payable days | — | — | 86 | 88 | 165 | 149 | 140 | 139 |
| NWC days | — | — | 87 | 119 | 94 | 84 | 88 | 96 |
| Leverage | ||||||||
| Current ratio | — | — | 2.04 | 3.14 | 1.88 | 1.75 | 1.63 | 1.57 |
| Debt to EBITDA | — | — | 0.24 | 0.69 | 1.46 | 2.19 | 2.52 | 2.35 |
| Debt to equity | — | — | 0.04 | 0.13 | 0.31 | 0.3 | 0.33 | 0.39 |
| Interest coverage | -7.6 | -17.8 | 8.9 | 10.3 | 6.7 | 4.2 | 3.3 | 4 |
| Asset turnover | — | — | 0.82 | 0.94 | 0.89 | 1.03 | 0.95 | 0.86 |
| Return ratios | ||||||||
| Return on assets % | — | — | 6.7% | 5.7% | 8.8% | 5% | 2.7% | 6.3% |
| Return on capital employed % | — | — | 10.6% | 11.9% | 17.4% | 10.9% | 9.3% | 13.3% |
| Return on equity % | — | — | 10.3% | 8.2% | 15.4% | 9.1% | 4.9% | 11.5% |
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.