Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 37% | 34.5% | 45.2% | 42.2% | 49.4% | 49.6% | 45% |
| EBITDA margin % | 16.9% | 11.4% | 7.3% | 12.1% | 7.8% | 7.8% | 9.6% | 8.5% |
| EBIT margin % | 15.6% | 9.5% | 4.9% | 9.8% | 4.4% | 3.5% | 5.7% | 5% |
| PAT margin % | 10.4% | 8.4% | 4.3% | 7.3% | 2% | 0.6% | 1.1% | 2.4% |
| Working capital | ||||||||
| Receivable days | 58 | 89 | 93 | — | 81 | 99 | 84 | 79 |
| Inventory days | 59 | 91 | 126 | 158 | 112 | 128 | 134 | 104 |
| Payable days | 1 | 2 | 5 | 4 | 76 | 101 | 98 | 82 |
| NWC days | 116 | 178 | 214 | — | 116 | 126 | 120 | 101 |
| Leverage | ||||||||
| Current ratio | 1.51 | 1.37 | 1.31 | 1.41 | 1.31 | 1.13 | 1.13 | 1.16 |
| Debt to EBITDA | 0.28 | 1.16 | 3.97 | 0.94 | 5.71 | 7.79 | 5.45 | 4.77 |
| Debt to equity | 0.08 | 0.18 | 0.33 | 0.2 | 0.61 | 0.74 | 0.79 | 0.67 |
| Interest coverage | 33.1 | 11.6 | 7.9 | 9.6 | 2.2 | 1.2 | 1.3 | 1.8 |
| Asset turnover | 1.12 | 0.85 | 0.66 | 0.88 | 0.72 | 0.59 | 0.72 | 0.83 |
| Return ratios | ||||||||
| Return on assets % | 11.7% | 7.2% | 2.8% | 6.4% | 1.4% | 0.3% | 0.8% | 2% |
| Return on capital employed % | 26.1% | 14.5% | 6.9% | 16.3% | 5.4% | 4% | 6.6% | 8.4% |
| Return on equity % | 17.2% | 11.4% | 4.9% | 12.9% | 2.8% | 0.7% | 1.7% | 3.9% |
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.