Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 16% | 15% | 13.7% | 11.5% | 14.1% | 15% | 16.1% |
| EBITDA margin % | 5.6% | 5.7% | 4.4% | 4.2% | 4.6% | 6.1% | 6.4% | 6.1% |
| EBIT margin % | 5.1% | 5% | 3.9% | 3.8% | 4.2% | 5.4% | 5.6% | 5.4% |
| PAT margin % | 2.7% | 3.1% | 2.9% | 2.6% | 3.2% | 4.2% | 4.3% | 4.1% |
| Working capital | ||||||||
| Receivable days | — | — | 58 | 56 | 63 | 80 | 94 | 82 |
| Inventory days | — | — | 108 | 60 | 44 | 52 | 58 | 61 |
| Payable days | — | — | 13 | 10 | 11 | 15 | 16 | 19 |
| NWC days | — | — | 153 | 105 | 96 | 117 | 136 | 124 |
| Leverage | ||||||||
| Current ratio | — | — | 1.97 | 3.92 | 4.86 | 6.06 | 4.95 | 4.69 |
| Debt to EBITDA | — | — | 4.4 | 1.06 | 0.53 | 0.16 | 0.62 | 0.51 |
| Debt to equity | — | — | 0.51 | 0.13 | 0.07 | 0.02 | 0.07 | 0.06 |
| Interest coverage | 3.9 | 3.6 | 19.9 | 32 | -45.9 | 96.3 | 30.3 | 22.6 |
| Asset turnover | — | — | 1.54 | 2.22 | 2.29 | 1.8 | 1.5 | 1.49 |
| Return ratios | ||||||||
| Return on assets % | — | — | 4.5% | 5.9% | 7.3% | 7.6% | 6.5% | 6.2% |
| Return on capital employed % | — | — | 10.4% | 11% | 12.4% | 12.4% | 11.2% | 11.5% |
| Return on equity % | — | — | 7.6% | 7.5% | 9.1% | 9.1% | 8% | 7.5% |
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.