Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | — | — | — | — | — |
| EBITDA margin % | 22.7% | 28.4% | 56.6% | 49.7% | 58.7% | 59.8% | 54.1% | 64.6% |
| EBIT margin % | 3.5% | 11.8% | 40.2% | 34.3% | 49.4% | 48.9% | 40.4% | 48.4% |
| PAT margin % | -0.7% | 9.8% | 38.5% | 28.7% | 48.7% | 55.6% | 56.6% | 64.4% |
| Working capital | ||||||||
| Receivable days | 28 | — | 21 | 27 | 33 | 38 | 23 | 31 |
| Inventory days | 24 | — | 38 | 36 | 20 | 32 | 27 | 43 |
| Payable days | 0 | — | 69 | 74 | 50 | 79 | 37 | 58 |
| NWC days | 52 | — | -11 | -11 | 4 | -8 | 12 | 16 |
| Leverage | ||||||||
| Current ratio | 1.8 | — | 3.44 | 3.34 | 5.1 | 5.51 | 7.19 | 6.49 |
| Debt to EBITDA | 5.49 | — | 2.46 | 2.44 | 0.89 | 0.89 | 0.72 | 0.44 |
| Debt to equity | 0.65 | — | 0.61 | 0.52 | 0.3 | 0.22 | 0.12 | 0.08 |
| Interest coverage | 1 | 2 | 5.7 | 4 | 10.2 | 13.1 | 14.5 | 24.2 |
| Asset turnover | 0.26 | — | 0.25 | 0.26 | 0.4 | 0.31 | 0.27 | 0.23 |
| Return ratios | ||||||||
| Return on assets % | -0.2% | — | 9.5% | 7.4% | 19.6% | 17% | 15.1% | 14.8% |
| Return on capital employed % | 4.1% | — | 13.2% | 11.3% | 25.3% | 22.1% | 18.8% | 18% |
| Return on equity % | -0.4% | — | 16.9% | 12.4% | 27.6% | 22.4% | 18.1% | 16.9% |
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.