Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 35.9% | 29.2% | 32.6% | 37.4% | 43% |
| EBITDA margin % | 9.7% | 8% | 8.1% | 10% | 7.4% | 6.3% | 10.8% | 12% |
| EBIT margin % | 9.7% | 3.8% | 3.6% | 6.1% | 4.9% | 2.8% | 7.9% | 8.1% |
| PAT margin % | 3.6% | 1.7% | 4.3% | 4.1% | 2.8% | 1.5% | 5.4% | 5.4% |
| Working capital | ||||||||
| Receivable days | 75 | 59 | — | 55 | 38 | 29 | 48 | 35 |
| Inventory days | 99 | 62 | — | 68 | 56 | 86 | 72 | 141 |
| Payable days | 75 | 57 | — | 55 | 47 | 42 | 47 | 84 |
| NWC days | 99 | 65 | — | 68 | 47 | 74 | 72 | 92 |
| Leverage | ||||||||
| Current ratio | 1.13 | 1.08 | — | 1.16 | 1.06 | 1 | 0.98 | 1.03 |
| Debt to EBITDA | 6.75 | 4.85 | — | 3.92 | 2.43 | 3.3 | 1.84 | 2.46 |
| Debt to equity | 1.84 | 1.83 | — | 1.93 | 1.47 | 1.11 | 0.8 | 0.91 |
| Interest coverage | 3.2 | 1.6 | 2.1 | 3.3 | 3.2 | 1.9 | 5.2 | 4.5 |
| Asset turnover | 0.79 | 1.25 | — | 1.31 | 2.23 | 1.91 | 1.63 | 1.19 |
| Return ratios | ||||||||
| Return on assets % | 2.8% | 2.1% | — | 5.4% | 6.2% | 2.9% | 8.8% | 6.5% |
| Return on capital employed % | 14% | 14.8% | — | 20.8% | 28.2% | 14.3% | 31.3% | 26.4% |
| Return on equity % | 10% | 8.1% | — | 20.2% | 22.8% | 8.1% | 21.6% | 16.7% |
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.