Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 24.6% | 31.7% | 37.7% | 35.1% | 32% | 29.7% | 31.3% | 31.8% |
| EBITDA margin % | 7.7% | 11.9% | 17.4% | 17% | 12.3% | 6.2% | 8.5% | 8.8% |
| EBIT margin % | 5.3% | 9.5% | 14.9% | 15% | 9.8% | 2.6% | 5% | 4.9% |
| PAT margin % | 2.9% | 5.6% | 10.4% | 11.1% | 7.8% | 1.6% | 3.2% | 3.2% |
| Working capital | ||||||||
| Receivable days | 37 | 30 | 33 | 26 | 21 | 37 | 36 | 33 |
| Inventory days | 41 | 45 | 76 | 71 | 67 | 79 | 82 | 76 |
| Payable days | 45 | — | 56 | 68 | 100 | 151 | 142 | 146 |
| NWC days | 32 | — | 53 | 29 | -11 | -34 | -25 | -37 |
| Leverage | ||||||||
| Current ratio | 1.08 | 1.05 | 1.18 | 1.43 | 1.06 | 0.99 | 0.94 | 0.91 |
| Debt to EBITDA | 4.02 | 2.45 | 1.96 | 1.56 | 2.48 | 6.49 | 5.68 | 4.98 |
| Debt to equity | 0.91 | 0.8 | 0.85 | 0.69 | 0.73 | 0.82 | 1.06 | 1.13 |
| Interest coverage | 2.3 | 4.3 | 8.7 | 12.5 | 6.3 | 1.5 | 2.1 | 1.9 |
| Asset turnover | 1.14 | 1.12 | 1.03 | 1.11 | 0.93 | 0.71 | 0.7 | 0.77 |
| Return ratios | ||||||||
| Return on assets % | 3.3% | 6.3% | 10.6% | 12.3% | 7.2% | 1.1% | 2.2% | 2.5% |
| Return on capital employed % | 9.9% | 17.4% | 27% | 29.9% | 17.4% | 6.2% | 8.7% | 10% |
| Return on equity % | 8.4% | 15.3% | 25.8% | 28.8% | 18.6% | 3.3% | 7.1% | 8.1% |
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.