Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 53.3% | 39.7% | ||||
| 35.5% |
| 38.9% |
| 37.9% |
| 29.7% |
| EBITDA margin % | 22.9% | 14.8% | 17.7% | 12.3% | 8.8% | 11.1% | 13.2% | 10.9% |
| EBIT margin % | 20.9% | 11.5% | 14.3% | 9.8% | 4.3% | 6.3% | 9.3% | 8.2% |
| PAT margin % | 19.7% | 16.8% | 16.3% | 6.6% | 1.8% | 3.5% | 5% | 4.7% |
| Working capital | ||||||||
| Receivable days | 47 | 48 | 58 | 56 | 49 | 51 | 63 | 60 |
| Inventory days | 50 | 63 | 146 | 78 | 78 | 80 | 58 | 82 |
| Payable days | — | — | 112 | 130 | 121 | 118 | 84 | 59 |
| NWC days | — | — | 92 | 4 | 6 | 13 | 37 | 83 |
| Leverage | ||||||||
| Current ratio | 1.63 | 2.12 | 1.33 | 0.99 | 1.03 | 1.07 | 1.23 | 1.37 |
| Debt to EBITDA | 0.35 | 0.64 | 0.76 | 1.94 | 2.39 | 1.79 | 0.83 | 1.37 |
| Debt to equity | 0.16 | 0.12 | 0.16 | 0.4 | 0.41 | 0.31 | 0.21 | 0.35 |
| Interest coverage | 18 | 13.7 | 15.2 | 9.8 | 2 | 2.3 | 4 | 5.1 |
| Asset turnover | 1.25 | 0.89 | 0.76 | 0.85 | 0.96 | 0.87 | 1.14 | 1.31 |
| Return ratios | ||||||||
| Return on assets % | 24.5% | 14.9% | 12.4% | 5.6% | 1.7% | 3.1% | 5.7% | 6.1% |
| Return on capital employed % | 43% | 18.6% | 20.3% | 16.9% | 8% | 11.5% | 15.4% | 17.4% |
| Return on equity % | 39.9% | 21.8% | 18.8% | 11% | 3.5% | 5.5% | 9.5% | 11% |
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.