Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 90.9% | 90.9% | 90.1% | 90% | ||||
| 92.1% |
| 91.5% |
| 91.7% |
| 90.9% |
| EBITDA margin % | 34.8% | 31.4% | 13.6% | 25.2% | 39.8% | 26.7% | 28% | 21.4% |
| EBIT margin % | 29.1% | 25.5% | -5.8% | 15.9% | 35.3% | 22.7% | 24.2% | 16.1% |
| PAT margin % | 13% | 19.9% | -53.4% | -20.7% | 117.1% | 20.3% | 18.7% | 15.3% |
| Working capital | ||||||||
| Receivable days | — | — | 43 | 29 | 13 | 13 | 11 | 17 |
| Inventory days | — | — | 113 | 61 | 52 | 53 | 51 | 50 |
| Payable days | — | — | 1,565 | 617 | 412 | 402 | 215 | 198 |
| NWC days | — | — | -1,410 | -527 | -347 | -336 | -152 | -131 |
| Leverage | ||||||||
| Current ratio | — | — | 0.06 | 0.07 | 0.2 | 0.7 | 1.26 | 1.75 |
| Debt to EBITDA | — | — | 36.56 | 9.05 | 3.46 | 2.97 | 1.38 | 1.53 |
| Debt to equity | — | — | -13.7 | -6.03 | 1.27 | 0.59 | 0.28 | 0.21 |
| Interest coverage | 2.6 | 1.4 | -0.1 | 0.4 | 4.5 | 1.4 | 4 | 3.8 |
| Asset turnover | — | — | 0.14 | 0.3 | 0.35 | 0.37 | 0.47 | 0.42 |
| Return ratios | ||||||||
| Return on assets % | — | — | -7.7% | -6.3% | 41.3% | 7.6% | 8.8% | 6.4% |
| Return on capital employed % | — | — | -4% | 82.5% | 20.1% | 17.3% | 17.9% | 12.9% |
| Return on equity % | — | — | 147% | 54.6% | 107.7% | 15.2% | 13.5% | 9.7% |
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.