Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 59.5% | 61.2% | 72.7% | 70.9% | ||||
| 76.2% |
| 72.9% |
| 73.4% |
| 72.9% |
| EBITDA margin % | 8.2% | 6.6% | 4.8% | 3.8% | 4.5% | 5% | 5.6% | 6.6% |
| EBIT margin % | 6.8% | 5.2% | 3.4% | 2.7% | 3.1% | 3.8% | 4.3% | 5% |
| PAT margin % | 2.9% | 2.2% | 1.6% | 4.3% | 1.5% | 1.9% | 2% | 2.9% |
| Working capital | ||||||||
| Receivable days | 24 | — | 25 | 22 | 24 | 18 | 15 | 13 |
| Inventory days | 113 | — | 150 | 131 | 174 | 188 | 177 | 122 |
| Payable days | 0 | — | 144 | 122 | 173 | 187 | 148 | 108 |
| NWC days | 137 | — | 31 | 31 | 24 | 19 | 44 | 27 |
| Leverage | ||||||||
| Current ratio | 0.88 | — | 0.84 | 0.99 | 0.88 | 0.82 | 0.78 | 0.74 |
| Debt to EBITDA | 1.89 | — | 4.08 | 3.81 | 3.68 | 3.32 | 3.56 | 2.44 |
| Debt to equity | 0.74 | — | 0.84 | 0.64 | 0.69 | 0.77 | 0.96 | 0.62 |
| Interest coverage | 2.7 | 2.4 | 2.6 | 3.3 | 2.5 | 2.7 | 2.5 | 3.2 |
| Asset turnover | 1.38 | — | 1.32 | 1.55 | 1.46 | 1.5 | 1.56 | 1.6 |
| Return ratios | ||||||||
| Return on assets % | 4% | — | 2.1% | 6.7% | 2.2% | 2.9% | 3.1% | 4.6% |
| Return on capital employed % | 18.9% | — | 8% | 8% | 8.9% | 11.6% | 12.7% | 14.1% |
| Return on equity % | 13.8% | — | 6.8% | 18.9% | 6.2% | 8.8% | 9.6% | 11.1% |
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.