Standalone figures
| Ratio | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross margin % | 34.8% | 29.3% | 33.9% | 33% | 34.9% | 32.9% |
| EBITDA margin % | 12.6% | 10.7% | 9.1% | 9.6% | 9.6% | 6.2% |
| EBIT margin % | 9.8% | 9.2% | 6.5% | 6.4% | 5.4% | 3.5% |
| PAT margin % | 7.6% | 7.7% | 5% | 5.5% | 4% | 2.8% |
| Working capital | ||||||
| Receivable days | 87 | — | 73 | 78 | 67 | 69 |
| Inventory days | 59 | — | 50 | 47 | 68 | 67 |
| Payable days | 155 | — | 93 | 145 | 133 | 141 |
| NWC days | -8 | — | 30 | -20 | 3 | -5 |
| Leverage | ||||||
| Current ratio | 1.85 | — | 1.52 | 1.68 | 1.32 | 1.33 |
| Debt to EBITDA | 0.35 | — | 1.49 | 0.5 | 0.9 | 3.11 |
| Debt to equity | 0.07 | — | 0.26 | 0.07 | 0.13 | 0.27 |
| Interest coverage | 10.9 | 21.8 | 10.9 | 11.7 | 9.4 | 5.3 |
| Asset turnover | 0.93 | — | 1.16 | 0.99 | 0.97 | 0.82 |
| Return ratios | ||||||
| Return on assets % | 7.1% | — | 5.8% | 5.5% | 3.9% | 2.3% |
| Return on capital employed % | 15.5% | — | 12.7% | 12.9% | 9.3% | 5.1% |
| Return on equity % | 11.7% | — | 9.5% | 8.5% | 6.2% | 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.