Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 13.1% | 12.1% | 12.2% | ||||
| 11% |
| 13.6% |
| 13.6% |
| 16.2% |
| EBITDA margin % | 3.7% | 5.3% | 5% | 4.1% | 3.9% | 7.5% | 6.9% | 9% |
| EBIT margin % | 3.1% | 4.6% | 4.3% | 3.7% | 3.5% | 7% | 6.5% | 8.5% |
| PAT margin % | 1.8% | 1.9% | 2.6% | 2.1% | 4% | 6.7% | 6% | 8.5% |
| Working capital | ||||||||
| Receivable days | — | — | 19 | 20 | 20 | 29 | 23 | 26 |
| Inventory days | — | — | 88 | 79 | 64 | 76 | 57 | 76 |
| Payable days | — | — | 52 | 21 | 17 | 30 | 21 | 18 |
| NWC days | — | — | 55 | 77 | 67 | 76 | 58 | 84 |
| Leverage | ||||||||
| Current ratio | — | — | 1.26 | 1.33 | 1.44 | 1.44 | 6.53 | 2.58 |
| Debt to EBITDA | — | — | 3.02 | 4.07 | 2.86 | 1.33 | 0.04 | 1.06 |
| Debt to equity | — | — | 0.97 | 1.53 | 0.92 | 0.58 | 0.01 | 0.18 |
| Interest coverage | 2.2 | 2.3 | 2.7 | 2.7 | 4.6 | 7.7 | 11.5 | 39.7 |
| Asset turnover | — | — | 2.09 | 2.5 | 2.98 | 2.58 | 1.74 | 1.44 |
| Return ratios | ||||||||
| Return on assets % | — | — | 5.5% | 5.2% | 12% | 17.3% | 10.5% | 12.3% |
| Return on capital employed % | — | — | 26.8% | 27% | 39.9% | 52.9% | 24.3% | 21.4% |
| Return on equity % | — | — | 17% | 19.1% | 32.8% | 39.3% | 12.2% | 16.1% |
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.