Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 52.3% | 49.5% | 45.5% | 46% | 45.6% | 46.3% |
| EBITDA margin % | 10.5% | 16.1% | 18.4% | 17.3% | 14.6% | 10.5% | 9.5% | 11.5% |
| EBIT margin % | 8.3% | 14.2% | 16.4% | 15.5% | 12.6% | 8.2% | 6.8% | 9% |
| PAT margin % | 5.6% | 9.8% | 12.4% | 12.2% | 8.4% | 4.5% | 3% | 5.3% |
| Working capital | ||||||||
| Receivable days | — | — | 55 | 59 | 97 | 82 | 57 | 65 |
| Inventory days | — | — | 252 | 276 | 188 | 236 | 279 | 196 |
| Payable days | — | — | 113 | 148 | 96 | 90 | 94 | 106 |
| NWC days | — | — | 194 | 188 | 188 | 228 | 242 | 155 |
| Leverage | ||||||||
| Current ratio | — | — | 1.42 | 1.34 | 1.28 | 1.1 | 0.91 | 0.95 |
| Debt to EBITDA | — | — | 1.18 | 2.3 | 2.54 | 5.47 | 5.96 | 3.7 |
| Debt to equity | — | — | 0.56 | 0.72 | 0.73 | 0.98 | 0.87 | 0.78 |
| Interest coverage | 6.3 | 6.5 | 8.6 | 8.2 | 4.4 | 2.4 | 1.7 | 2.9 |
| Asset turnover | — | — | 1.09 | 0.77 | 0.84 | 0.69 | 0.63 | 0.8 |
| Return ratios | ||||||||
| Return on assets % | — | — | 13.5% | 9.4% | 7% | 3.1% | 1.9% | 4.2% |
| Return on capital employed % | — | — | 36.1% | 28.3% | 21% | 12.8% | 9.7% | 16.3% |
| Return on equity % | — | — | 31.8% | 22% | 16.5% | 7.7% | 4.6% | 9.7% |
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.