Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 49.3% | ||||
| 45.5% |
| 49.9% |
| 50.9% |
| 50.6% |
| EBITDA margin % | 8.4% | 9.2% | 12.9% | 8.8% | 7.2% | 23.8% | 26.1% | 26.5% |
| EBIT margin % | 3.3% | 3.6% | 6% | 3.8% | 3% | 19% | 22% | 23.1% |
| PAT margin % | 2.7% | 2.7% | 4.5% | 3.2% | 2.9% | 14.3% | 18.2% | 19.5% |
| Working capital | ||||||||
| Receivable days | — | — | — | — | 71 | 45 | 56 | 31 |
| Inventory days | — | — | — | — | 148 | 156 | 138 | 110 |
| Payable days | — | — | — | — | 175 | 54 | 92 | 60 |
| NWC days | — | — | — | — | 43 | 147 | 101 | 82 |
| Leverage | ||||||||
| Current ratio | — | — | — | — | 1.33 | 2.09 | 2.6 | 3.15 |
| Debt to EBITDA | — | — | — | — | 3.06 | 0.88 | 0.61 | 0.39 |
| Debt to equity | — | — | — | — | 0.53 | 0.3 | 0.21 | 0.13 |
| Interest coverage | 4 | 5.1 | 3.5 | 2.9 | 2.7 | 10.8 | 21.5 | 45.6 |
| Asset turnover | — | — | — | — | 1.06 | 0.94 | 0.94 | 0.97 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | — | 3.1% | 13.4% | 17% | 18.9% |
| Return on capital employed % | — | — | — | — | 12.2% | 21.2% | 35.3% | 36.7% |
| Return on equity % | — | — | — | — | 7% | 20.9% | 24.4% | 24% |
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.