Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 43.2% | ||||
| 37.8% |
| 40.4% |
| 46.3% |
| 49.4% |
| EBITDA margin % | 15.3% | 13.6% | 13.7% | 11.2% | 8.9% | 10.6% | 13% | 14.6% |
| EBIT margin % | 11.8% | 10.2% | 9.5% | 6.8% | 5.7% | 7.8% | 9.3% | 10.6% |
| PAT margin % | 5% | 4% | 2.4% | 1.1% | 1.4% | 3.5% | 4.4% | 5.9% |
| Working capital | ||||||||
| Receivable days | — | — | — | 99 | 71 | 65 | 60 | 61 |
| Inventory days | — | — | — | 314 | 245 | 243 | 201 | 225 |
| Payable days | — | — | — | 49 | 53 | 45 | 48 | 38 |
| NWC days | — | — | — | 364 | 262 | 263 | 213 | 248 |
| Leverage | ||||||||
| Current ratio | — | — | — | 1.48 | 1.39 | 1.51 | 1.37 | 1.42 |
| Debt to EBITDA | — | — | — | 6.24 | 6.94 | 5.51 | 3.44 | 2.67 |
| Debt to equity | — | — | — | 0.97 | 1.11 | 1.16 | 1.04 | 0.91 |
| Interest coverage | 2.6 | 2.1 | 1.8 | 1.3 | 1.4 | 2.3 | 2.5 | 3.4 |
| Asset turnover | — | — | 1.74 | 0.6 | 0.74 | 0.81 | 0.96 | 0.98 |
| Return ratios | ||||||||
| Return on assets % | — | — | 4.2% | 0.7% | 1% | 2.8% | 4.3% | 5.8% |
| Return on capital employed % | — | — | — | 7% | 7.2% | 10.7% | 15.6% | 18.6% |
| Return on equity % | — | — | — | 1.5% | 2.4% | 6.9% | 10.3% | 13.8% |
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.