Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 14.1% | — | 11% | 10% | 12.1% | 12.6% | 12.7% | 15.3% |
| EBITDA margin % | 3.6% | 4.4% | 4.3% | 4.7% | 6.8% | 7.6% | 8.3% | 10.3% |
| EBIT margin % | 3.4% | 4.1% | 4% | 4.5% | 6.6% | 7.5% | 8.2% | 9.2% |
| PAT margin % | 1.4% | 1.9% | 2.1% | 2.5% | 4.2% | 5.3% | 5.7% | 6% |
| Working capital | ||||||||
| Receivable days | — | — | 85 | 98 | 136 | 143 | 126 | 155 |
| Inventory days | — | — | 40 | 44 | 19 | 30 | 19 | 5 |
| Payable days | — | — | 75 | 100 | 113 | 156 | 130 | 134 |
| NWC days | — | — | 50 | 42 | 42 | 17 | 15 | 25 |
| Leverage | ||||||||
| Current ratio | — | — | 1.4 | 1.35 | 1.42 | 1.39 | 1.36 | 1.35 |
| Debt to EBITDA | — | — | 2.18 | 2.03 | 1.2 | 0.42 | 0.49 | 0.56 |
| Debt to equity | — | — | 0.82 | 0.91 | 0.63 | 0.21 | 0.22 | 0.26 |
| Interest coverage | 2.2 | 2.1 | 2.7 | 3.5 | 5.1 | 9.2 | 8.3 | 5.9 |
| Asset turnover | — | — | 2.41 | 2.19 | 2 | 1.75 | 1.64 | 1.41 |
| Return ratios | ||||||||
| Return on assets % | — | — | 5.1% | 5.5% | 8.3% | 9.2% | 9.4% | 8.4% |
| Return on capital employed % | — | — | 33.6% | 44% | 52.9% | 54.3% | 46.4% | 37.1% |
| Return on equity % | — | — | 18.6% | 24.3% | 31.9% | 34.2% | 31.4% | 26.9% |
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.