Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 21% | 25.2% | 19.6% | 18.3% | 17.4% | 17.4% | 18.8% | 20.8% |
| EBITDA margin % | 4.9% | 4.4% | 5% | 3.1% | 2.1% | 2.1% | 2.3% | 2.7% |
| EBIT margin % | 3.5% | 2.7% | 2.8% | 1.9% | 1.2% | 1.2% | 1.4% | 1.7% |
| PAT margin % | 1.3% | 0.9% | 0.2% | 0.6% | 0.6% | 0.6% | 0.8% | 1% |
| Working capital | ||||||||
| Receivable days | 14 | 17 | 29 | 16 | 10 | 7 | 11 | 7 |
| Inventory days | 83 | 86 | 130 | 42 | 55 | 49 | 45 | 58 |
| Payable days | 19 | 24 | 28 | 5 | 12 | 8 | 14 | 13 |
| NWC days | 78 | 79 | 131 | 52 | 52 | 48 | 43 | 53 |
| Leverage | ||||||||
| Current ratio | 1.28 | 1.31 | 1.59 | 2.21 | 1.78 | 1.71 | 1.49 | 1.41 |
| Debt to EBITDA | 4.4 | 4.92 | 6.41 | 2.93 | 3.13 | 2.5 | 2.46 | 2.45 |
| Debt to equity | 1.08 | 0.82 | 0.75 | 0.37 | 0.34 | 0.31 | 0.33 | 0.39 |
| Interest coverage | 1.6 | 1.1 | 1.2 | 2 | 2.7 | 2.1 | 3.1 | 3.3 |
| Asset turnover | 1.99 | 1.72 | 1.14 | 2.48 | 2.98 | 3.49 | 3.42 | 3.4 |
| Return ratios | ||||||||
| Return on assets % | 2.6% | 1.6% | 0.2% | 1.6% | 1.9% | 2.1% | 2.6% | 3.4% |
| Return on capital employed % | 13.3% | 7.6% | 5.4% | 6.5% | 5.4% | 6.7% | 7.7% | 10.3% |
| Return on equity % | 6.6% | 3.4% | 0.5% | 2.6% | 3.3% | 3.6% | 4.5% | 5.9% |
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.