Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 29.7% | 25.6% | ||||
| 29.6% |
| 37.1% |
| 34.8% |
| 37.6% |
| EBITDA margin % | 7% | 7.3% | 4.3% | 0.3% | 5.9% | 11.6% | 9.7% | 8.4% |
| EBIT margin % | 4.7% | 4.7% | 0.7% | -2.5% | 3.3% | 9.4% | 7.3% | 5.8% |
| PAT margin % | 3.7% | 3.5% | 0.3% | -1.9% | 4.6% | 8.4% | 6.4% | 5.4% |
| Working capital | ||||||||
| Receivable days | — | — | 98 | 78 | 45 | 34 | 46 | 52 |
| Inventory days | — | — | 70 | 67 | 56 | 64 | 65 | 65 |
| Payable days | — | — | 58 | 39 | 34 | 44 | 42 | 40 |
| NWC days | — | — | 110 | 106 | 68 | 54 | 69 | 77 |
| Leverage | ||||||||
| Current ratio | — | — | 2.36 | 1.57 | 2.98 | 3.39 | 5.34 | 3.51 |
| Debt to EBITDA | — | — | 2.47 | 46.83 | 0.19 | 0.02 | 0 | 0.06 |
| Debt to equity | — | — | 0.25 | 0.47 | 0.03 | 0.01 | 0 | 0.01 |
| Interest coverage | 3.5 | 6.1 | 1.3 | -1.4 | 7.9 | 31.3 | 28.7 | 28.1 |
| Asset turnover | — | — | 1.47 | 1.72 | 2.18 | 2.07 | 1.45 | 1.55 |
| Return ratios | ||||||||
| Return on assets % | — | — | 0.5% | -3.2% | 10.1% | 17.2% | 9.2% | 8.4% |
| Return on capital employed % | — | — | 3.9% | -4.3% | 21.1% | 32.4% | 19% | 16.7% |
| Return on equity % | — | — | 0.8% | -6.1% | 13.4% | 22.4% | 10.9% | 10% |
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.