Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 26.2% | 22.5% | 25.8% | 26.1% | 29.7% | 21.7% | 21.1% | 19.6% |
| EBITDA margin % | 6.2% | 6.9% | 6.7% | 8.2% | 10.1% | 7.9% | 7.2% | 5.6% |
| EBIT margin % | 4.2% | 4.7% | 5% | 7.1% | 9% | 6.8% | 6.3% | 5% |
| PAT margin % | 1.3% | 1.6% | 2.6% | 4.2% | 5.3% | 3.8% | 3.3% | 3% |
| Working capital | ||||||||
| Receivable days | 62 | 77 | 80 | 70 | 85 | 103 | 90 | 97 |
| Inventory days | 62 | 57 | 80 | 48 | 68 | 78 | 64 | 60 |
| Payable days | 66 | 34 | 34 | 21 | 36 | 29 | 34 | 44 |
| NWC days | 58 | 100 | 126 | 97 | 117 | 151 | 120 | 113 |
| Leverage | ||||||||
| Current ratio | 1.31 | 1.39 | 1.68 | 1.72 | 1.83 | 1.78 | 1.84 | 1.97 |
| Debt to EBITDA | 2.95 | 3.51 | 3.84 | 2.82 | 2.74 | 4.58 | 3.74 | 4.33 |
| Debt to equity | 1.11 | 1.3 | 1.04 | 1.12 | 0.92 | 0.95 | 0.77 | 0.63 |
| Interest coverage | 1.7 | 1.7 | 2.3 | 4.2 | 4.6 | 3.9 | 3.3 | 3.3 |
| Asset turnover | 1.91 | 1.84 | 1.7 | 2.04 | 1.51 | 1.22 | 1.42 | 1.38 |
| Return ratios | ||||||||
| Return on assets % | 2.4% | 2.9% | 4.4% | 8.6% | 8% | 4.6% | 4.7% | 4.2% |
| Return on capital employed % | 17.9% | 19.2% | 20.5% | 31.7% | 27.4% | 16.5% | 17.6% | 14.3% |
| Return on equity % | 7.6% | 8.5% | 10.5% | 20.3% | 17.6% | 9.9% | 9.5% | 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.