Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 95.2% | 96.7% | 92.8% | 96.7% | ||||
| 96.9% |
| 97.3% |
| — |
| — |
| EBITDA margin % | 11.6% | 18.8% | 13.3% | 38.4% | 57.5% | 58.6% | 88.9% | 83.7% |
| EBIT margin % | 5.6% | 11.2% | -7.5% | 26.4% | 51.4% | 54% | 85.5% | 80.3% |
| PAT margin % | 14.8% | 31.5% | 69.4% | 36.7% | 42.8% | 51% | 64.3% | 51.9% |
| Working capital | ||||||||
| Receivable days | 64 | 85 | — | 67 | 23 | 8 | 0 | — |
| Inventory days | 109 | 200 | — | 281 | 262 | 210 | 0 | 0 |
| Payable days | — | — | — | 4 | 4 | 19 | 0 | — |
| NWC days | — | — | — | 345 | 281 | 200 | 0 | — |
| Leverage | ||||||||
| Current ratio | 2.39 | 3.32 | — | 2.75 | 3.48 | 3.85 | 1.21 | — |
| Debt to EBITDA | 8.08 | 5.77 | — | 0.87 | 0.48 | 0.81 | 1.53 | 1.72 |
| Debt to equity | 0.16 | 0.14 | — | 0.02 | 0.03 | 0.06 | 0.17 | 0.16 |
| Interest coverage | 3.3 | 4.5 | 5 | 8.3 | 36.3 | 37.1 | 10.9 | 5.6 |
| Asset turnover | 0.14 | 0.11 | 0.16 | 0.06 | 0.11 | 0.12 | 0.1 | 0.09 |
| Return ratios | ||||||||
| Return on assets % | 2.1% | 3.4% | 11.4% | 2.4% | 4.6% | 6.1% | 6.4% | 4.9% |
| Return on capital employed % | 4.3% | 6.2% | — | 3.8% | 6.7% | 8.9% | 11.4% | — |
| Return on equity % | 2.6% | 4% | — | 2.5% | 5% | 6.7% | 7.9% | 5.8% |
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.