Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 49.3% | 60.5% | 62.8% | 71.7% | ||||
| 69.2% |
| 59.3% |
| 78% |
| 67.3% |
| EBITDA margin % | 4.1% | 6.1% | 3.5% | 2.6% | 8.3% | 7.3% | 6.4% | 7.7% |
| EBIT margin % | 3.1% | 3.9% | 1.5% | 0.8% | 6.7% | 6.4% | 5% | 6.6% |
| PAT margin % | 0.4% | 1.9% | 0.2% | 0.1% | 5.1% | 4.5% | 6.9% | 8.2% |
| Working capital | ||||||||
| Receivable days | 134 | 141 | 121 | 109 | 121 | 104 | 80 | 106 |
| Inventory days | 16 | 27 | 18 | 19 | 12 | 7 | 14 | 7 |
| Payable days | 87 | 153 | 164 | 109 | 152 | 115 | 187 | 238 |
| NWC days | 62 | 15 | -24 | 19 | -19 | -4 | -93 | -125 |
| Leverage | ||||||||
| Current ratio | 0.98 | 0.95 | 1.06 | 1.13 | 1.29 | 1.29 | 1.73 | 1.66 |
| Debt to EBITDA | 8.52 | 6.17 | 2.49 | 2.21 | 1.45 | 1.27 | 0.02 | 0.03 |
| Debt to equity | 4.42 | 7.37 | 0.4 | 0.24 | 0.47 | 0.4 | 0 | 0.01 |
| Interest coverage | 1.3 | 1.8 | 1.3 | 1.4 | 4.4 | 4.6 | 5 | 14 |
| Asset turnover | 1.48 | 1.12 | 1.3 | 1.42 | 1.51 | 1.61 | 1.44 | 1.32 |
| Return ratios | ||||||||
| Return on assets % | 0.6% | 2.1% | 0.2% | 0.1% | 7.6% | 7.3% | 9.9% | 10.8% |
| Return on capital employed % | 32.5% | 25.9% | 10.9% | 9.1% | 31.9% | 32.4% | 22.5% | 25.4% |
| Return on equity % | 5.2% | 37.2% | 0.7% | 0.4% | 20% | 19.4% | 19.1% | 21.9% |
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.