Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 41.8% | 43.1% | ||||
| 57% |
| 44.9% |
| 48.5% |
| 54.3% |
| EBITDA margin % | 11.3% | 12.8% | 15.4% | 16% | 15.5% | 15.6% | 17.7% | 20.1% |
| EBIT margin % | 9.6% | 10.2% | 14.1% | 14.6% | 13.7% | 14.5% | 16.2% | 18.4% |
| PAT margin % | 3.5% | 2.6% | 6.6% | 8.4% | 10.1% | 9.9% | 11.1% | 12.3% |
| Working capital | ||||||||
| Receivable days | — | 128 | 98 | 95 | 137 | 131 | 154 | 149 |
| Inventory days | — | 307 | 151 | 142 | 479 | 184 | 170 | 219 |
| Payable days | — | 133 | 125 | 149 | 250 | 92 | 146 | — |
| NWC days | — | 302 | 125 | 88 | 365 | 223 | 178 | — |
| Leverage | ||||||||
| Current ratio | — | 1.02 | 1.29 | 1.43 | 1.6 | 1.13 | 1.23 | 1.44 |
| Debt to EBITDA | — | 4.05 | 0.83 | 0.68 | 1.05 | 1.6 | 1.05 | 0.93 |
| Debt to equity | — | 0.46 | 0.2 | 0.15 | 0.15 | 0.31 | 0.22 | 0.19 |
| Interest coverage | 1.9 | 1.7 | 4.3 | 4.4 | 4.8 | 7.7 | 7.6 | 8.5 |
| Asset turnover | — | 0.38 | 0.74 | 0.71 | 0.5 | 0.62 | 0.65 | 0.6 |
| Return ratios | ||||||||
| Return on assets % | — | 1% | 4.9% | 6% | 5.1% | 6.1% | 7.2% | 7.3% |
| Return on capital employed % | — | 8.2% | 18.5% | 17.5% | 11.4% | 17% | 18.9% | 19.1% |
| Return on equity % | — | 2.3% | 10.1% | 11.5% | 9.3% | 12.3% | 13.4% | 12.7% |
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.