Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 30.4% | 30.1% | 27.5% | 27.4% | 24% | 24.1% | 22.3% |
| EBITDA margin % | 11.6% | 11.8% | 10.2% | 10.2% | 9% | 7% | 8.3% | 7.8% |
| EBIT margin % | 8.5% | 8% | 6.4% | 7.5% | 6.3% | 4.5% | 5.9% | 5.7% |
| PAT margin % | 4.9% | 3.6% | 2.7% | 5% | 3.2% | 1.4% | 2.8% | 2.7% |
| Working capital | ||||||||
| Receivable days | 224 | 93 | 132 | 71 | 79 | 63 | 75 | 131 |
| Inventory days | 120 | 80 | 94 | 64 | 54 | 72 | 55 | 40 |
| Payable days | — | 2 | 8 | 88 | 57 | 73 | 58 | 78 |
| NWC days | — | 171 | 218 | 48 | 76 | 62 | 72 | 93 |
| Leverage | ||||||||
| Current ratio | — | 0.96 | 0.96 | 1 | 1.05 | 0.92 | 1.11 | 1.08 |
| Debt to EBITDA | 2.06 | 2.37 | 4.1 | 3.31 | 3.74 | 4.12 | 3.24 | 3.86 |
| Debt to equity | 0.37 | 0.78 | 1.11 | 1.2 | 1.26 | 1.18 | 1.11 | 1.27 |
| Interest coverage | 3.3 | 2.7 | 2.4 | 3.5 | 2.5 | 1.6 | 2.1 | 2.2 |
| Asset turnover | 0.5 | 0.97 | 0.8 | 1.09 | 1.23 | 1.29 | 1.38 | 1.21 |
| Return ratios | ||||||||
| Return on assets % | 2.4% | 3.5% | 2.2% | 5.4% | 4% | 1.9% | 3.9% | 3.3% |
| Return on capital employed % | — | 17.1% | 13.3% | 22.7% | 21% | 15.6% | 22.2% | 20.6% |
| Return on equity % | 7.7% | 10% | 7.1% | 17.6% | 12.2% | 5.8% | 11.5% | 11.5% |
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.