Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 29.5% | 32.1% | 36.8% | 37.1% | 37.8% | 30.2% | 40.7% | 36.8% |
| EBITDA margin % | 4.8% | 4.5% | 5.2% | 5.4% | 5.5% | 4.7% | 8% | 8.2% |
| EBIT margin % | 4.1% | 3.8% | 4.5% | 4.7% | 4.7% | 4.2% | 7.4% | 7.7% |
| PAT margin % | 2.1% | 2% | 2.1% | 1.9% | 1.5% | 2.5% | 3.8% | 4.4% |
| Working capital | ||||||||
| Receivable days | 195 | 210 | 204 | 144 | 185 | 159 | 228 | 241 |
| Inventory days | 136 | 136 | 236 | 181 | 228 | 95 | 102 | 65 |
| Payable days | 174 | 190 | 0 | 149 | 196 | 110 | 99 | 74 |
| NWC days | 157 | 156 | 440 | 176 | 218 | 144 | 231 | 231 |
| Leverage | ||||||||
| Current ratio | 2.11 | 2.36 | 1.92 | 2.56 | 1.17 | 1.17 | 1.6 | 1.67 |
| Debt to EBITDA | 12.99 | 13.44 | 10.69 | 10.55 | 10.66 | 9.3 | 4.81 | 4.61 |
| Debt to equity | 2.74 | 2.71 | 2.32 | 2.44 | 2.54 | 2.46 | 0.82 | 0.78 |
| Interest coverage | 2 | 1.9 | 1.9 | 1.8 | 2.1 | 2.5 | 2.5 | 3.1 |
| Asset turnover | 0.78 | 0.82 | 0.72 | 0.91 | 0.79 | 1.12 | 0.91 | 0.93 |
| Return ratios | ||||||||
| Return on assets % | 1.7% | 1.7% | 1.5% | 1.8% | 1.2% | 2.7% | 3.4% | 4% |
| Return on capital employed % | 6.3% | 6.7% | 6.2% | 6.9% | 9.9% | 20.7% | 18.4% | 16.5% |
| Return on equity % | 9.3% | 9.2% | 8.6% | 8.3% | 6.5% | 13.8% | 8% | 8.9% |
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.