Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 24.8% | 24.7% | 22.6% | 21.5% | 21.6% | 21.9% | 22% | 20.5% |
| EBITDA margin % | 6.2% | 4.5% | 5% | 5.4% | 6% | 6.5% | 6.5% | 6.1% |
| EBIT margin % | 4.8% | 2.7% | 2.7% | 3.9% | 4.9% | 5.6% | 5.6% | 4.9% |
| PAT margin % | 2.6% | 2.5% | 1.7% | 2.4% | 5% | 4.1% | 4.3% | 3.3% |
| Working capital | ||||||||
| Receivable days | — | — | 68 | 69 | 66 | 73 | 59 | 60 |
| Inventory days | — | — | 106 | 97 | 83 | 64 | 74 | 72 |
| Payable days | — | — | 179 | 159 | 143 | 125 | 130 | 106 |
| NWC days | — | — | -5 | 7 | 6 | 12 | 2 | 26 |
| Leverage | ||||||||
| Current ratio | — | — | 1.21 | 1.12 | 1.08 | 1.27 | 1.22 | 1.2 |
| Debt to EBITDA | — | — | 3.01 | 1.85 | 1.08 | 0.4 | 0.43 | 1.02 |
| Debt to equity | — | — | 0.63 | 0.54 | 0.37 | 0.09 | 0.11 | 0.24 |
| Interest coverage | 5.6 | 6.3 | 2.4 | 4.8 | 6.7 | 9.8 | 13.8 | 8.4 |
| Asset turnover | — | — | 1.1 | 1.33 | 1.53 | 1.46 | 1.47 | 1.48 |
| Return ratios | ||||||||
| Return on assets % | — | — | 1.9% | 3.2% | 7.6% | 6% | 6.3% | 4.8% |
| Return on capital employed % | — | — | 12.6% | 19.3% | 30% | 27.7% | 24.9% | 20.2% |
| Return on equity % | — | — | 7.2% | 12.7% | 28.7% | 14.6% | 17% | 12.6% |
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.