Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 47.1% | 49.6% | 49.4% | 43.1% | 43.3% | 42.1% |
| EBITDA margin % | 6.2% | 6.3% | 7.2% | 6.6% | 7.7% | 7.4% | 6.2% | 6.2% |
| EBIT margin % | 5.1% | 5.1% | 6.1% | 5.5% | 6.7% | 6.4% | 4.9% | 4.7% |
| PAT margin % | 3.3% | 1.5% | 2.3% | 4.3% | 3.1% | 2.3% | 1.2% | 0.1% |
| Working capital | ||||||||
| Receivable days | — | — | 18 | 22 | 14 | 18 | 23 | 31 |
| Inventory days | — | — | 170 | 194 | 250 | 268 | 266 | 247 |
| Payable days | — | — | 45 | 39 | 66 | 80 | 72 | 65 |
| NWC days | — | — | 144 | 177 | 198 | 207 | 217 | 212 |
| Leverage | ||||||||
| Current ratio | — | — | 1.28 | 1.44 | 1.3 | 1.23 | 1.21 | 1.24 |
| Debt to EBITDA | — | — | 3.56 | 4.23 | 4.44 | 4.74 | 6.38 | 4.6 |
| Debt to equity | — | — | 1.12 | 1.09 | 1.3 | 1.35 | 1.26 | 0.82 |
| Interest coverage | 2.1 | 1.5 | 1.9 | 2.3 | 2.3 | 1.8 | 1.4 | 1.1 |
| Asset turnover | — | — | 1.26 | 1.27 | 1.19 | 1.17 | 1.07 | 1.01 |
| Return ratios | ||||||||
| Return on assets % | — | — | 2.9% | 5.5% | 3.6% | 2.6% | 1.3% | 0.1% |
| Return on capital employed % | — | — | 13.8% | 13.2% | 17.2% | 16.8% | 12.8% | 9.8% |
| Return on equity % | — | — | 10.1% | 16.8% | 11.5% | 8.7% | 3.8% | 0.4% |
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.