Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 41% | 38.8% | ||||
| 41.8% |
| 42.1% |
| 79.4% |
| 45.4% |
| EBITDA margin % | 6% | 5.7% | 7.9% | 4.7% | 6.4% | 7.5% | 8.2% | 6.9% |
| EBIT margin % | 4.4% | 4.2% | 6.3% | 3.2% | 5.1% | 6.2% | 6.8% | 5.5% |
| PAT margin % | 3.1% | 3.1% | 5.1% | 2.5% | 3.8% | 4.8% | 5.9% | 6.6% |
| Working capital | ||||||||
| Receivable days | 163 | 155 | 200 | 187 | 219 | 233 | 219 | 201 |
| Inventory days | 57 | 40 | 68 | 74 | 86 | 101 | 280 | 133 |
| Payable days | 1 | — | 209 | 164 | 180 | 164 | 399 | 151 |
| NWC days | 220 | — | 60 | 97 | 126 | 170 | 100 | 182 |
| Leverage | ||||||||
| Current ratio | 1.35 | 1.32 | 1.42 | 1.42 | 1.41 | 1.4 | 1.47 | 1.41 |
| Debt to EBITDA | 0.31 | 1.22 | 0.59 | 2.07 | 1.49 | 0.08 | 0.64 | 1.83 |
| Debt to equity | 0.06 | 0.23 | 0.12 | 0.24 | 0.23 | 0.01 | 0.11 | 0.24 |
| Interest coverage | 14.3 | 14.1 | 13.5 | 7.5 | 7.3 | 8.5 | 25 | 10.3 |
| Asset turnover | 0.97 | 1.1 | 0.9 | 0.9 | 0.87 | 0.83 | 0.84 | 0.74 |
| Return ratios | ||||||||
| Return on assets % | 3% | 3.5% | 4.6% | 2.3% | 3.3% | 4% | 4.9% | 4.9% |
| Return on capital employed % | 13.7% | 13.2% | 16.3% | 8.1% | 12.5% | 15.1% | 15.6% | 16.5% |
| Return on equity % | 9.5% | 10.4% | 13% | 6.3% | 9.1% | 10.8% | 12.2% | 12.7% |
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.