Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 27.4% | 31.3% | 25.3% | 22.1% | 20.7% | 20.4% | 19.4% | 18.8% |
| EBITDA margin % | 15.7% | 7.6% | 7.7% | 8.1% | 8% | 6% | 5% | 6.1% |
| EBIT margin % | 13.6% | 2.3% | 4.2% | 6.1% | 6.7% | 4.4% | 2.6% | 4% |
| PAT margin % | 9.4% | 0.5% | 2.5% | 4.1% | 4.2% | 3.3% | 0.8% | 2.2% |
| Working capital | ||||||||
| Receivable days | 118 | 133 | 147 | 106 | 100 | 114 | 92 | 96 |
| Inventory days | 73 | 170 | 106 | 73 | 60 | 51 | 35 | 46 |
| Payable days | — | — | 98 | 56 | 49 | 17 | 20 | 18 |
| NWC days | — | — | 155 | 122 | 111 | 148 | 107 | 124 |
| Leverage | ||||||||
| Current ratio | 1.64 | 1.85 | 1.76 | 1.69 | 2.08 | 2.42 | 2.17 | 2.19 |
| Debt to EBITDA | 0.72 | 3.94 | 2.77 | 1.88 | 2.02 | 4.05 | 3.35 | 2.8 |
| Debt to equity | 0.33 | 0.43 | 0.41 | 0.44 | 0.56 | 0.66 | 0.43 | 0.47 |
| Interest coverage | 14.6 | 1 | 3.3 | 5.7 | 4.4 | 3 | 1.5 | 2.8 |
| Asset turnover | 1.47 | 0.8 | 1.04 | 1.55 | 1.72 | 1.49 | 1.59 | 1.66 |
| Return ratios | ||||||||
| Return on assets % | 13.8% | 0.4% | 2.6% | 6.3% | 7.3% | 4.9% | 1.2% | 3.6% |
| Return on capital employed % | 42.9% | 4% | 8.5% | 18.3% | 23.2% | 14.2% | 6.3% | 11% |
| Return on equity % | 27.4% | 0.7% | 4.9% | 11.7% | 14.6% | 8.9% | 2% | 6% |
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.