Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 56.6% | 68.5% | 59.4% | 52.4% | 52.1% | 48.1% | 45% |
| EBITDA margin % | 21.7% | 22% | 39.2% | 30.4% | 18.6% | 20.5% | 18.3% | 15.7% |
| EBIT margin % | 13.4% | 13.3% | 32.5% | 25.9% | 14.4% | 16.1% | 13.7% | 11.3% |
| PAT margin % | -1% | 2.4% | 21.5% | 16.8% | 4.7% | 10.6% | 7.4% | 5.7% |
| Working capital | ||||||||
| Receivable days | 12 | 13 | 21 | 9 | 8 | 16 | 10 | 9 |
| Inventory days | 65 | 125 | 160 | 128 | 82 | 92 | 68 | 72 |
| Payable days | — | 148 | 133 | 96 | 67 | 66 | 73 | 92 |
| NWC days | — | -10 | 49 | 41 | 23 | 42 | 5 | -10 |
| Leverage | ||||||||
| Current ratio | — | — | — | — | 0.94 | 1.08 | 1.04 | 1.09 |
| Debt to EBITDA | 2.92 | 2.63 | 1.41 | 0.89 | 1.25 | 1.09 | 0.77 | 0.91 |
| Debt to equity | 0.78 | 0.64 | 0.56 | 0.33 | 0.29 | 0.24 | 0.14 | 0.14 |
| Interest coverage | 1.3 | 1.3 | 5.2 | 9.1 | 5.8 | 8.8 | 10.9 | 8.3 |
| Asset turnover | 0.48 | 0.45 | 0.48 | 0.66 | 0.76 | 0.69 | 0.66 | 0.67 |
| Return ratios | ||||||||
| Return on assets % | -0.5% | 1% | 10.3% | 11% | 3.6% | 7.3% | 4.9% | 3.8% |
| Return on capital employed % | 6.7% | — | — | — | 14.1% | 14.6% | 11.4% | 10.1% |
| Return on equity % | -1.2% | 2.6% | 21.9% | 20.5% | 6% | 11.6% | 7.3% | 5.8% |
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.