Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 36.8% | 41.9% | 40.5% | 41.6% | 36.9% | 36.2% | 34% | 32.5% |
| EBITDA margin % | 13.5% | 14.8% | 14.7% | 12.2% | 10.7% | 12.4% | 13.6% | 12.4% |
| EBIT margin % | 11% | 12% | 11% | 7.5% | 7.5% | 9.5% | 11.1% | 10.4% |
| PAT margin % | 11.7% | 5.2% | 5.7% | 3.4% | 3.9% | 5.7% | 7% | -12% |
| Working capital | ||||||||
| Receivable days | 137 | 129 | 86 | 94 | 153 | 127 | 153 | 115 |
| Inventory days | 262 | 287 | 252 | 357 | 268 | 260 | 241 | 254 |
| Payable days | 124 | 148 | 86 | 130 | 176 | 149 | 122 | 142 |
| NWC days | 275 | 268 | 252 | 320 | 244 | 238 | 272 | 227 |
| Leverage | ||||||||
| Current ratio | 1.1 | 1.14 | 1.25 | 1.26 | 1.22 | 1.32 | 1.49 | 1.39 |
| Debt to EBITDA | 2.79 | 2.37 | 2.24 | 2.3 | 1.97 | 1.29 | 0.94 | 1.01 |
| Debt to equity | 0.86 | 0.72 | 0.55 | 0.37 | 0.37 | 0.32 | 0.17 | 0.28 |
| Interest coverage | 2.3 | 2.3 | 2.9 | 2.2 | 2.7 | 3.7 | 4.7 | 7 |
| Asset turnover | 0.75 | 0.76 | 0.79 | 0.64 | 0.71 | 0.77 | 0.67 | 0.88 |
| Return ratios | ||||||||
| Return on assets % | 8.8% | 3.9% | 4.5% | 2.2% | 2.8% | 4.4% | 4.7% | -10.6% |
| Return on capital employed % | 28.5% | 24.4% | 18.7% | 11.4% | 14.3% | 19.3% | 18.8% | 23.1% |
| Return on equity % | 26.7% | 10.6% | 9.4% | 4.4% | 6.9% | 11.6% | 9.4% | -27.1% |
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.