Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 33.7% | 37% | 35.9% | 34% | 32.6% | 33.4% | 33.5% | 33.1% |
| EBITDA margin % | 10.6% | 12% | 12.8% | 11.5% | 12% | 12.7% | 14.1% | 14.2% |
| EBIT margin % | 7.9% | 8.2% | 7.9% | 7.1% | 9.1% | 10.3% | 11.7% | 11% |
| PAT margin % | 2.4% | 1.8% | 0.9% | 0.7% | 2.3% | 2.9% | 5.2% | 4.5% |
| Working capital | ||||||||
| Receivable days | — | 174 | 212 | 167 | 164 | 167 | 151 | 146 |
| Inventory days | — | 264 | 286 | 269 | 208 | 215 | 216 | 215 |
| Payable days | — | 102 | 121 | 117 | 94 | 112 | 137 | 153 |
| NWC days | — | 336 | 377 | 318 | 278 | 270 | 230 | 208 |
| Leverage | ||||||||
| Current ratio | — | 1.37 | 1.41 | 1.42 | 1.46 | 1.51 | 1.4 | 1.35 |
| Debt to EBITDA | — | 4.82 | 4.7 | 4.52 | 3.83 | 3.21 | 2.59 | 2.76 |
| Debt to equity | — | 0.71 | 0.68 | 0.69 | 0.71 | 0.71 | 0.68 | 0.75 |
| Interest coverage | 1.7 | 1.4 | 1.2 | 1.2 | 1.6 | 1.8 | 2.4 | 2.3 |
| Asset turnover | — | 0.61 | 0.55 | 0.64 | 0.75 | 0.79 | 0.83 | 0.79 |
| Return ratios | ||||||||
| Return on assets % | — | 1.1% | 0.5% | 0.5% | 1.7% | 2.3% | 4.3% | 3.6% |
| Return on capital employed % | — | 9.9% | 8.8% | 9.3% | 13.7% | 16.8% | 21.5% | 20.2% |
| Return on equity % | — | 2.2% | 1.1% | 0.9% | 3.5% | 5% | 9.6% | 8.5% |
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.