Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 44.2% | 42.4% | 46.2% | 45.4% | 41.9% | 40.1% | 40.1% | 38% |
| EBITDA margin % | 7.6% | 3.4% | 9.3% | 5.1% | 4.2% | 2.8% | 2.1% | -2.6% |
| EBIT margin % | 6.1% | 1.5% | 7.2% | 3% | 2.1% | 0.8% | -0.1% | -5.1% |
| PAT margin % | 4.6% | 1.1% | 4.8% | 3.2% | 2.6% | 1.5% | 0.8% | -7.4% |
| Working capital | ||||||||
| Receivable days | — | — | 17 | 15 | 24 | 23 | 34 | 30 |
| Inventory days | — | — | 143 | 163 | 194 | 147 | 149 | 138 |
| Payable days | — | — | 92 | 83 | 63 | 65 | 57 | 71 |
| NWC days | — | — | 68 | 95 | 155 | 105 | 126 | 98 |
| Leverage | ||||||||
| Current ratio | — | — | 1.25 | 1.39 | 1.43 | 1.29 | 1.38 | 1.19 |
| Debt to EBITDA | — | — | 0 | 0 | 0.93 | 0 | 1.65 | — |
| Debt to equity | — | — | 0 | 0 | 0.11 | 0 | 0.1 | 0.04 |
| Interest coverage | 12.1 | 4 | 24.8 | 22.1 | 2.4 | 2.6 | 1.1 | -2.2 |
| Asset turnover | — | — | 1.3 | 1.29 | 1.45 | 1.38 | 1.4 | 1.21 |
| Return ratios | ||||||||
| Return on assets % | — | — | 6.2% | 4.2% | 3.8% | 2.1% | 1.2% | -8.9% |
| Return on capital employed % | — | — | 17.9% | 12% | 11.8% | 5% | 3.2% | -6.9% |
| Return on equity % | — | — | 11.3% | 8.1% | 7.4% | 3.9% | 2.3% | -19.2% |
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.