Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 92.8% | 82% | 76.2% | 70.4% | 79% | 70.1% | 73.4% | 72.3% |
| EBITDA margin % | 31.2% | 27% | 12.9% | 20.9% | 33.9% | 17.6% | 16.6% | 11.9% |
| EBIT margin % | 23.5% | 14.7% | 1.8% | 12.7% | 27% | 10.9% | 6.5% | 3.5% |
| PAT margin % | 8.7% | 12.5% | -4.5% | 10.6% | 20% | 9.2% | 4.7% | 2.6% |
| Working capital | ||||||||
| Receivable days | 31 | 17 | 31 | 29 | 24 | 24 | 23 | 29 |
| Inventory days | 217 | 84 | 79 | 54 | 89 | 58 | 99 | 112 |
| Payable days | — | — | 153 | 92 | 145 | 101 | 133 | 142 |
| NWC days | — | — | -44 | -9 | -32 | -20 | -12 | -1 |
| Leverage | ||||||||
| Current ratio | 1.26 | 1.03 | 1.82 | 1.84 | 2.63 | 0.97 | 1 | 0.57 |
| Debt to EBITDA | 0.7 | 0.76 | 1.32 | 0.12 | 0 | 0.32 | 1.55 | 3.57 |
| Debt to equity | 0.17 | 0.15 | 0.12 | 0.02 | 0 | 0.05 | 0.2 | 0.3 |
| Interest coverage | 25.2 | 10.5 | 1.9 | 39.8 | 394.3 | 46.8 | 5.4 | 2.4 |
| Asset turnover | 0.6 | 0.59 | 0.54 | 0.77 | 0.8 | 0.66 | 0.59 | 0.47 |
| Return ratios | ||||||||
| Return on assets % | 5.2% | 7.3% | -2.4% | 8.2% | 16% | 6% | 2.8% | 1.2% |
| Return on capital employed % | 17.6% | 11.4% | 1.5% | 13.5% | 28.3% | 11.1% | 6% | 3.7% |
| Return on equity % | 6.7% | 9.3% | -3% | 9.7% | 18.2% | 7.6% | 3.7% | 1.8% |
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.