Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 42.7% | 44.2% | 43.7% | 43.5% | ||||
| 39.9% |
| 40.6% |
| 39.6% |
| 37.6% |
| EBITDA margin % | 12.5% | 13.6% | 11.1% | 13.8% | 9.9% | 7.8% | 6% | 4% |
| EBIT margin % | 9.4% | 8.6% | 4.8% | 10.2% | 5.9% | 3.1% | 0.6% | -2% |
| PAT margin % | 4.2% | 3.8% | 0.7% | 6.6% | 4.2% | 2.3% | -0.7% | 0.4% |
| Working capital | ||||||||
| Receivable days | 49 | 41 | 28 | 23 | 64 | 49 | 38 | 43 |
| Inventory days | 240 | 215 | 264 | 50 | 121 | 134 | 141 | 124 |
| Payable days | — | — | — | — | 59 | 61 | 45 | 51 |
| NWC days | — | — | — | — | 126 | 123 | 135 | 116 |
| Leverage | ||||||||
| Current ratio | 1.56 | 1.53 | 1.9 | 1.97 | 2.17 | 2.69 | 2.51 | 4.06 |
| Debt to EBITDA | 2.2 | 1.57 | 1.2 | 0.21 | 0.42 | 0.42 | 1.24 | 0 |
| Debt to equity | 0.52 | 0.43 | 0.22 | 0.11 | 0.06 | 0.04 | 0.09 | 0 |
| Interest coverage | 3.2 | 2.4 | 1.3 | 6.5 | 5.4 | 3.7 | 0.5 | -1.4 |
| Asset turnover | 1.03 | 1 | 0.9 | 2.71 | 1.01 | 1.01 | 0.96 | 0.93 |
| Return ratios | ||||||||
| Return on assets % | 4.4% | 3.8% | 0.6% | 17.9% | 4.2% | 2.3% | -0.7% | 0.4% |
| Return on capital employed % | 17% | 14.5% | 6.1% | 26.6% | 8.8% | 5.2% | 0.9% | -1.9% |
| Return on equity % | 8% | 7.6% | 1.2% | 25.7% | 5.8% | 3% | -0.9% | 0.5% |
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.