Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 32.9% | 34.6% | 36.4% | 31.4% | ||||
| 31.3% |
| 30.7% |
| 31.4% |
| 32.4% |
| EBITDA margin % | 9% | 9.5% | 12% | 13.7% | 10.2% | 10.5% | 9.7% | 10.1% |
| EBIT margin % | 6.4% | 6.2% | 8.8% | 12% | 8.3% | 8.7% | 7.9% | 8.3% |
| PAT margin % | 1.1% | 1.2% | 3.7% | 8.2% | 5.8% | 6.6% | 6.8% | 6.7% |
| Working capital | ||||||||
| Receivable days | 24 | — | 31 | 41 | 40 | 29 | 35 | 28 |
| Inventory days | 88 | — | 121 | 94 | 117 | 102 | 113 | 100 |
| Payable days | 3 | — | 122 | 98 | 117 | 95 | 121 | 102 |
| NWC days | 109 | — | 30 | 37 | 39 | 36 | 27 | 26 |
| Leverage | ||||||||
| Current ratio | — | — | 1.04 | 1.04 | 1.38 | 1.38 | 1.21 | 1.21 |
| Debt to EBITDA | 3.19 | — | 2.08 | 1 | 0.98 | 0.94 | 1.11 | 1.05 |
| Debt to equity | 1.47 | — | 0.92 | 0.57 | 0.3 | 0.28 | 0.27 | 0.24 |
| Interest coverage | 1.3 | 1.4 | 2.3 | 7.8 | 10.2 | 9.4 | 8.6 | 10.4 |
| Asset turnover | 1.26 | — | 1.14 | 1.47 | 1.34 | 1.39 | 1.22 | 1.22 |
| Return ratios | ||||||||
| Return on assets % | 1.4% | — | 4.2% | 12.1% | 7.7% | 9.2% | 8.2% | 8.1% |
| Return on capital employed % | 10.7% | — | 16.2% | 35.7% | 26.1% | 22% | 19.9% | 18.2% |
| Return on equity % | 5.6% | — | 13.6% | 33.9% | 17.6% | 18.5% | 16.7% | 15.1% |
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.