Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 21.8% | 21.9% | 20.9% | 13.3% | 13.8% | — | 15.5% | 16.6% |
| EBITDA margin % | 17.6% | 17.5% | 16% | 8.4% | 9.8% | — | 10% | 10.5% |
| EBIT margin % | 14.1% | 12.8% | 11.5% | 4% | 5.9% | — | 6.8% | 7.1% |
| PAT margin % | 8.4% | 4.7% | 3.5% | -1% | 2.2% | 223.5% | 3.5% | 12% |
| Working capital | ||||||||
| Receivable days | 56 | 50 | 44 | 42 | 58 | 2,690 | 56 | 93 |
| Inventory days | 128 | 137 | 152 | 159 | 139 | — | 159 | 203 |
| Payable days | 2 | 85 | 103 | 105 | 125 | — | 136 | 158 |
| NWC days | 183 | 102 | 92 | 96 | 72 | — | 79 | 138 |
| Leverage | ||||||||
| Current ratio | 1.32 | 1.24 | 1.26 | 1.39 | 1.26 | 1.41 | 1.44 | 1.54 |
| Debt to EBITDA | 2 | 1.74 | 2.31 | 4.08 | 2.72 | — | 2.18 | 3.1 |
| Debt to equity | 1 | 0.76 | 0.87 | 0.71 | 0.58 | 0.36 | 0.36 | 0.33 |
| Interest coverage | 2.5 | 1.9 | 1.9 | 0.7 | 1.3 | — | 1.4 | 1.5 |
| Asset turnover | 0.84 | 0.8 | 0.82 | 0.8 | 0.87 | 0.02 | 0.78 | 0.55 |
| Return ratios | ||||||||
| Return on assets % | 7% | 3.8% | 2.8% | -0.8% | 1.9% | 3.7% | 2.7% | 6.6% |
| Return on capital employed % | 26.7% | 21% | 19.7% | 7.2% | 12.7% | 0% | 12% | 10.3% |
| Return on equity % | 23.9% | 11.8% | 8.2% | -2% | 4.8% | 8.1% | 5.7% | 12.3% |
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.