Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 22.8% | 42% | 34.2% | ||||
| 24.3% |
| 17.4% |
| 23.5% |
| 22% |
| EBITDA margin % | 17.3% | 6.8% | 26.6% | 21.6% | 13.5% | 5% | 10% | 5.3% |
| EBIT margin % | 15.3% | 4% | 23.5% | 19.2% | 11.5% | 2.5% | 7% | 2.1% |
| PAT margin % | 8.9% | 2% | 16.9% | 14.2% | 8.5% | 1.9% | 5.1% | 1.2% |
| Working capital | ||||||||
| Receivable days | 51 | — | 65 | 67 | 50 | 59 | 47 | 66 |
| Inventory days | 44 | — | 81 | 45 | 34 | 42 | 64 | 50 |
| Payable days | 78 | — | 124 | 87 | 76 | 79 | 98 | 94 |
| NWC days | 17 | — | 21 | 25 | 8 | 21 | 13 | 23 |
| Leverage | ||||||||
| Current ratio | 1.44 | — | 1.41 | 1.94 | 1.75 | 1.59 | 1.59 | 1.54 |
| Debt to EBITDA | 0.6 | — | 0.3 | 0.3 | 0.67 | 3.17 | 1.07 | 2.73 |
| Debt to equity | 0.21 | — | 0.11 | 0.11 | 0.17 | 0.27 | 0.18 | 0.21 |
| Interest coverage | 18.1 | 3 | 18.5 | 28.8 | 12.2 | 2.8 | 4.7 | 1.8 |
| Asset turnover | 1.17 | — | 0.88 | 1.17 | 1.21 | 1 | 1.02 | 0.87 |
| Return ratios | ||||||||
| Return on assets % | 10.5% | — | 14.8% | 16.5% | 10.3% | 1.9% | 5.2% | 1% |
| Return on capital employed % | 28.6% | — | 27.2% | 33% | 21.3% | 5.5% | 11.6% | 4.3% |
| Return on equity % | 18.5% | — | 23.2% | 25.1% | 16.3% | 3.2% | 8.5% | 1.8% |
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.