Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 23.7% | 21.3% | ||||
| 20.2% |
| 19% |
| 19.1% |
| 17.9% |
| EBITDA margin % | 7.2% | 7.2% | 7.3% | 8.2% | 6.1% | 3.3% | 3.2% | 2.7% |
| EBIT margin % | 3.9% | 4% | 4.4% | 6.2% | 4.3% | 1.9% | 1.9% | 1.3% |
| PAT margin % | 2.6% | 2.9% | 3.5% | 4.4% | 3.2% | 1.7% | 1.7% | 0.7% |
| Working capital | ||||||||
| Receivable days | — | 17 | 20 | 27 | 23 | 24 | 33 | 27 |
| Inventory days | — | 107 | 135 | 96 | 81 | 90 | 88 | 109 |
| Payable days | — | — | 56 | 42 | 39 | 43 | 36 | 49 |
| NWC days | — | — | 100 | 81 | 65 | 71 | 85 | 88 |
| Leverage | ||||||||
| Current ratio | — | 1.84 | 2.26 | 2.41 | 2.75 | 2.7 | 2.29 | 2.12 |
| Debt to EBITDA | — | 0.17 | 0.15 | 0.05 | 0 | 0 | 0.51 | 1 |
| Debt to equity | — | 0.03 | 0.03 | 0.01 | 0 | 0 | 0.04 | 0.07 |
| Interest coverage | 6.9 | 23.2 | 65.8 | 53.3 | 58.2 | 36.1 | 20 | 7.3 |
| Asset turnover | — | 1.6 | 1.72 | 2.15 | 2.24 | 1.93 | 1.91 | 1.86 |
| Return ratios | ||||||||
| Return on assets % | — | 4.6% | 6% | 9.4% | 7.1% | 3.2% | 3.2% | 1.4% |
| Return on capital employed % | — | 10.5% | 11.8% | 20.2% | 14.2% | 6.2% | 6% | 3.8% |
| Return on equity % | — | 7.3% | 8.7% | 13.3% | 9.6% | 4.3% | 4.3% | 2% |
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.