Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 40.5% | 30% | 18.7% | 19.2% | ||||
| 18.5% |
| 21.3% |
| 22.2% |
| 20.3% |
| EBITDA margin % | 10% | 5.3% | 6.7% | 7.3% | 5.4% | 6.9% | 8.5% | 6.7% |
| EBIT margin % | 7.2% | 0.6% | 3.4% | 4.6% | 3% | 4.3% | 6.2% | 4.7% |
| PAT margin % | 3.7% | -5.7% | 5.1% | 2.2% | 1.2% | 3.1% | 4.9% | 2.4% |
| Working capital | ||||||||
| Receivable days | — | — | 10 | 10 | 8 | 11 | 9 | 12 |
| Inventory days | — | — | 229 | 196 | 190 | 280 | 266 | 235 |
| Payable days | — | — | 200 | 57 | 61 | 51 | 43 | 34 |
| NWC days | — | — | 38 | 149 | 137 | 240 | 232 | 214 |
| Leverage | ||||||||
| Current ratio | — | — | 1.11 | 1.22 | 1.15 | 1.19 | 1.5 | 1.56 |
| Debt to EBITDA | — | — | 2.52 | 3.87 | 4.75 | 6.06 | 3.4 | 4.02 |
| Debt to equity | — | — | 0.63 | 1.01 | 0.91 | 1.27 | 0.85 | 0.8 |
| Interest coverage | 4 | 0.7 | 1.5 | 3 | 1.8 | 3 | 3.4 | 3.5 |
| Asset turnover | — | — | 1.05 | 1.37 | 1.4 | 1.12 | 1.32 | 1.4 |
| Return ratios | ||||||||
| Return on assets % | — | — | 5.3% | 3.1% | 1.6% | 3.5% | 6.5% | 3.3% |
| Return on capital employed % | — | — | 11.2% | 16% | 10.8% | 19.6% | 20.7% | 14.8% |
| Return on equity % | — | — | 19% | 8% | 4.1% | 9.5% | 14.5% | 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.