Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 51.6% | — | 57.4% | 60.2% | ||||
Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 51.6% | — | 57.4% | 60.2% | ||||
| 69.4% |
| 60.7% |
| 52.9% |
| 68.1% |
| EBITDA margin % | 36.9% | 20% | 39.8% | 44.9% | 48.8% | 32.3% | 28.3% | 43.5% |
| EBIT margin % | 33.1% | 15.9% | 37.7% | 43% | 46.9% | 30.1% | 26.7% | 41.7% |
| PAT margin % | 20.9% | 95.5% | 27.6% | 32.9% | 58.1% | 38.6% | 35.3% | 94.1% |
| Working capital | ||||||||
| Receivable days | 19 | 22 | 10 | 4 | 5 | 9 | 17 | 124 |
| Inventory days | 2,598 | 2,056 | 2,569 | 2,414 | 2,936 | 2,956 | 1,907 | 3,546 |
| Payable days | 347 | 291 | 211 | 255 | 317 | 340 | 247 | 289 |
| NWC days | 2,270 | 1,788 | 2,368 | 2,163 | 2,623 | 2,626 | 1,677 | 3,381 |
| Leverage | ||||||||
| Current ratio | — | — | 1.48 | 1.77 | 2.01 | 2.38 | 1.72 | 1.38 |
| Debt to EBITDA | 2.78 | 9.58 | 3.44 | 2.03 | 1.61 | 3.2 | 2.56 | 0 |
| Debt to equity | 0.15 | 0.17 | 0.2 | 0.14 | 0.11 | 0.12 | 0.11 | 0 |
| Interest coverage | 2 | 4.9 | 3.6 | 5.4 | 9.5 | 6.3 | 8.1 | 31.4 |
| Asset turnover | 0.09 | 0.06 | 0.1 | 0.11 | 0.11 | 0.08 | 0.1 | 0.08 |
| Return ratios | ||||||||
| Return on assets % | 1.9% | 5.4% | 2.7% | 3.6% | 6.2% | 3.3% | 3.6% | 7.5% |
| Return on capital employed % | — | — | 6.8% | 7.9% | 10% | 5.8% | 8.6% | 13.8% |
| Return on equity % | 3.1% | 8.4% | 4.1% | 4.9% | 8% | 4.3% | 5.4% | 11.9% |
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.