Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 31% | 23.7% | 25.4% | 20.8% | 20.2% | 21.7% | 25.6% |
| EBITDA margin % | 9.1% | 10.9% | 7.5% | 5.4% | 5.1% | 6.9% | 6.9% | 9.1% |
| EBIT margin % | 5.2% | 7.4% | 5.5% | 4.1% | 3.7% | 5.7% | 5.8% | 8.1% |
| PAT margin % | 0.1% | 2% | 1.5% | 1.4% | 0.8% | 1.6% | 2% | 4.6% |
| Working capital | ||||||||
| Receivable days | — | — | 38 | 27 | 24 | 27 | 23 | 40 |
| Inventory days | — | — | 163 | 151 | 180 | 143 | 171 | 188 |
| Payable days | — | — | 123 | 103 | 138 | 102 | 142 | 135 |
| NWC days | — | — | 78 | 75 | 66 | 68 | 52 | 93 |
| Leverage | ||||||||
| Current ratio | — | — | 1.15 | 1.13 | 1.1 | 1.17 | 1.35 | 1.75 |
| Debt to EBITDA | — | — | 3.97 | 4.71 | 5.55 | 3.5 | 2.64 | 1.43 |
| Debt to equity | — | — | 1.31 | 1.5 | 1.59 | 1.2 | 0.64 | 0.34 |
| Interest coverage | 1.2 | 1.2 | 1.4 | 1.5 | 1.3 | 1.5 | 1.6 | 2.8 |
| Asset turnover | — | — | 1.03 | 1.36 | 1.2 | 1.39 | 1.22 | 1.18 |
| Return ratios | ||||||||
| Return on assets % | — | — | 1.5% | 1.9% | 0.9% | 2.2% | 2.4% | 5.5% |
| Return on capital employed % | — | — | 12.1% | 15.9% | 13.8% | 21.8% | 19.7% | 22.3% |
| Return on equity % | — | — | 6.4% | 8.1% | 4.4% | 7.8% | 7% | 11.9% |
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.