Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 40.5% | 40.1% | 46.2% | 45.8% | 45.9% | 45.9% | 37.2% | 42.4% |
| EBITDA margin % | 13% | 11.2% | 8.9% | 9.6% | 8.6% | 8.4% | 9.6% | 9.6% |
| EBIT margin % | 11% | 9.1% | 6.6% | 7.9% | 6.3% | 6% | 6.6% | 6.9% |
| PAT margin % | 5.7% | 4.4% | 2.4% | 3.7% | 1.9% | 2.3% | 1.6% | 1.8% |
| Working capital | ||||||||
| Receivable days | — | — | 73 | 54 | 58 | 64 | 76 | 82 |
| Inventory days | — | — | 191 | 129 | 161 | 168 | 178 | 209 |
| Payable days | — | — | 55 | 41 | 54 | 65 | 68 | 83 |
| NWC days | — | — | 209 | 142 | 165 | 168 | 186 | 208 |
| Leverage | ||||||||
| Current ratio | — | — | 1.55 | 1.49 | 1.48 | 1.3 | 1.3 | 1.39 |
| Debt to EBITDA | — | — | 4.34 | 2.93 | 3.92 | 4.19 | 4.13 | 4.06 |
| Debt to equity | — | — | 0.91 | 0.94 | 0.91 | 0.92 | 0.85 | 0.88 |
| Interest coverage | 3.2 | 2.6 | 1.9 | 2.8 | 1.8 | 1.6 | 1.5 | 1.7 |
| Asset turnover | — | — | 0.97 | 1.44 | 1.19 | 1.14 | 0.98 | 0.99 |
| Return ratios | ||||||||
| Return on assets % | — | — | 2.3% | 5.4% | 2.3% | 2.6% | 1.6% | 1.8% |
| Return on capital employed % | — | — | 9.8% | 18.1% | 11.9% | 11.4% | 11.5% | 12.6% |
| Return on equity % | — | — | 5.7% | 12.4% | 5.1% | 5.8% | 3.5% | 4.1% |
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.