Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 14.9% | 16.9% | 20.8% | 26.7% | 23.6% | 26.9% |
| EBITDA margin % | 8.2% | 6.1% | 5.7% | 6.9% | 6.9% | 7.5% | 6.2% | 7.2% |
| EBIT margin % | 7% | 4.6% | 4.8% | 6.2% | 5.9% | 6.1% | 4.7% | 5.5% |
| PAT margin % | 4.6% | 2.8% | 3.2% | 4.3% | 4.4% | 4.3% | 3.5% | 4.1% |
| Working capital | ||||||||
| Receivable days | 34 | 14 | 34 | 19 | 15 | 20 | 16 | 9 |
| Inventory days | 118 | 141 | 75 | 43 | 82 | 101 | 87 | 60 |
| Payable days | — | — | 30 | 17 | 33 | 23 | 27 | 8 |
| NWC days | — | — | 80 | 44 | 65 | 98 | 76 | 61 |
| Leverage | ||||||||
| Current ratio | 1.5 | 1.54 | 1.84 | 1.84 | 1.82 | 2.26 | 2.26 | 2.48 |
| Debt to EBITDA | 2.54 | 2.87 | 2.18 | 1.52 | 3.01 | 2.62 | 2.92 | 2.95 |
| Debt to equity | 1.02 | 0.74 | 0.62 | 0.57 | 0.69 | 0.52 | 0.48 | 0.51 |
| Interest coverage | 3.8 | 3.4 | 5.7 | 7.4 | 14.2 | 8.7 | 8.9 | 10.5 |
| Asset turnover | 1.62 | 1.53 | 2.28 | 2.88 | 1.66 | 1.55 | 1.59 | 1.48 |
| Return ratios | ||||||||
| Return on assets % | 7.5% | 4.3% | 7.2% | 12.3% | 7.3% | 6.7% | 5.5% | 6% |
| Return on capital employed % | 27.1% | 17.3% | 22.4% | 32.3% | 18.5% | 15.1% | 11.9% | 11.5% |
| Return on equity % | 22.6% | 11.9% | 15.6% | 23% | 14.7% | 11.4% | 9.3% | 9.7% |
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.