Standalone figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 54.2% | — | 49% | 44.2% | ||||
| 45% |
| 49.5% |
| 48.5% |
| 37.7% |
| EBITDA margin % | 18% | 13.5% | 14.7% | 15% | 12.7% | 11.7% | 9% | 8.3% |
| EBIT margin % | 11.2% | 7.2% | 8.2% | 10.6% | 8% | 6.2% | 3.1% | 4.2% |
| PAT margin % | 8.9% | 3.9% | 9.1% | 9.9% | 8.6% | 6.8% | 7% | 4.3% |
| Working capital | ||||||||
| Receivable days | 19 | 21 | 23 | 15 | 20 | 23 | 24 | 27 |
| Inventory days | 150 | 99 | 217 | 125 | 137 | 166 | 247 | 200 |
| Payable days | 14 | 8 | 16 | 9 | 8 | 19 | 20 | 33 |
| NWC days | 155 | 112 | 224 | 131 | 149 | 170 | 250 | 194 |
| Leverage | ||||||||
| Current ratio | 4.18 | 4.08 | 4.63 | 4.14 | 3.32 | 1.97 | 1.73 | 1.42 |
| Debt to EBITDA | 0.2 | 0.41 | 0.34 | 0.09 | 0.31 | 0.85 | 2.38 | 3.71 |
| Debt to equity | 0.14 | 0.03 | 0.02 | 0.01 | 0.03 | 0.06 | 0.11 | 0.23 |
| Interest coverage | 55.8 | 15.9 | 31.5 | 67.4 | 36.2 | 24.2 | 7.2 | 3.9 |
| Asset turnover | 0.46 | 0.46 | 0.43 | 0.59 | 0.57 | 0.48 | 0.43 | 0.53 |
| Return ratios | ||||||||
| Return on assets % | 4.1% | 1.8% | 3.9% | 5.9% | 4.9% | 3.2% | 3% | 2.3% |
| Return on capital employed % | 10% | 4.7% | 6.1% | 9.1% | 6.9% | 5.2% | 5.3% | 5.4% |
| Return on equity % | 33.6% | 2.1% | 4.5% | 6.8% | 5.6% | 3.9% | 3.7% | 3.2% |
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.