Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 18.5% | 21.2% | 21.2% | 25.8% | 29% | 24.3% |
| EBITDA margin % | 1.8% | 2% | 2.9% | 3.1% | 1.3% | 1.6% | 3.9% | 4% |
| EBIT margin % | 1.8% | 1.6% | 2.6% | 2.8% | 0.9% | 1.2% | 3.5% | 3.6% |
| PAT margin % | 0.3% | 1.2% | 2.4% | 2% | 0.3% | 0.3% | 2.3% | 2.6% |
| Working capital | ||||||||
| Receivable days | — | — | 17 | 15 | 17 | 18 | 20 | 21 |
| Inventory days | — | — | 69 | 92 | 94 | 100 | 94 | 95 |
| Payable days | — | — | 8 | 12 | 16 | 15 | 10 | 16 |
| NWC days | — | — | 78 | 94 | 94 | 103 | 105 | 100 |
| Leverage | ||||||||
| Current ratio | — | — | 2.06 | 1.54 | 1.5 | 1.6 | 1.75 | 2.32 |
| Debt to EBITDA | — | — | 1.62 | 3.42 | 9.34 | 8.05 | 2.27 | 0.91 |
| Debt to equity | — | — | 0.3 | 0.66 | 0.6 | 0.49 | 0.3 | 0.12 |
| Interest coverage | 3 | 2.3 | 11.7 | 8.2 | 1.6 | 1.2 | 3.2 | 6.3 |
| Asset turnover | — | — | 3.65 | 2.87 | 2.52 | 2.12 | 2.08 | 2.34 |
| Return ratios | ||||||||
| Return on assets % | — | — | 8.7% | 5.7% | 0.7% | 0.5% | 4.7% | 6.1% |
| Return on capital employed % | — | — | 20.9% | 19% | 6.5% | 5.7% | 14.7% | 14.6% |
| Return on equity % | — | — | 15.5% | 12.2% | 1.4% | 1% | 7.6% | 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.