Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 6.6% | 5.7% | 4.3% | 4.5% | ||||
| 5.1% |
| 4% |
| 5% |
| 5% |
| EBITDA margin % | 2.6% | 2.3% | 1.6% | 1.9% | 2.4% | 2% | 2.7% | 2.7% |
| EBIT margin % | 1.9% | 1.9% | 1.3% | 1.6% | 2.1% | 1.7% | 2.3% | 2.5% |
| PAT margin % | 0.1% | 0.3% | 0.5% | 1% | 1% | 0.8% | 1.2% | 1.4% |
| Working capital | ||||||||
| Receivable days | — | 26 | 15 | 7 | 12 | 6 | 6 | 6 |
| Inventory days | — | 38 | 18 | 22 | 25 | 38 | 42 | 40 |
| Payable days | — | 63 | 36 | 27 | 33 | 46 | 47 | 46 |
| NWC days | — | 2 | -3 | 2 | 3 | -1 | 1 | -0 |
| Leverage | ||||||||
| Current ratio | — | 1.06 | 1.11 | 1.2 | 1.26 | 1.13 | 1.14 | 1.17 |
| Debt to EBITDA | — | 1.83 | 1.12 | 1.09 | 1.7 | 1.7 | 1.14 | 0.72 |
| Debt to equity | — | 0.75 | 0.47 | 0.52 | 0.74 | 0.65 | 0.6 | 0.37 |
| Interest coverage | 1.1 | 1.3 | 2 | 3.6 | 2.6 | 2.3 | 2.7 | 3.6 |
| Asset turnover | — | 3.59 | 6.23 | 7.2 | 5.3 | 4.63 | 4.72 | 4.85 |
| Return ratios | ||||||||
| Return on assets % | — | 1.1% | 2.8% | 7.3% | 5.5% | 3.8% | 5.5% | 7% |
| Return on capital employed % | — | 31.2% | 32.9% | 42.4% | 33.5% | 27.1% | 38.6% | 42% |
| Return on equity % | — | 5.3% | 11.4% | 25.3% | 19% | 16% | 23.4% | 27% |
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.