Standalone figures
| Ratio | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Margins | ||||
| Gross margin % | 22.5% | 22.8% | 25% | 39.1% |
| EBITDA margin % | 10.6% | 9.3% | 10.3% | 11.5% |
| EBIT margin % | 8.2% | 7.4% | 8.3% | 8.4% |
| PAT margin % | 3.8% | 5.1% | 5.7% | 6% |
| Working capital | ||||
| Receivable days | 71 | 69 | 81 | 100 |
| Inventory days | 240 | 184 | 175 | 344 |
| Payable days | — | 127 | 82 | 164 |
| NWC days | — | 126 | 175 | 280 |
| Leverage | ||||
| Current ratio | 1.13 | 2.46 | 2.45 | 2.63 |
| Debt to EBITDA | 3.58 | 1.2 | 1.02 | 0 |
| Debt to equity | 1.59 | 0.15 | 0.15 | 0 |
| Interest coverage | 2.4 | 3.4 | 3.9 | 4.8 |
| Asset turnover | 0.75 | 0.74 | 0.88 | 0.65 |
| Return ratios | ||||
| Return on assets % | 2.9% | 3.8% | 5% | 3.9% |
| Return on capital employed % | 20.8% | 16.4% | 13.1% | 9.1% |
| Return on equity % | 16% | 6.7% | 8% | 5.7% |
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.