Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 70% | 57.6% | 52.5% | 51.1% | 49.9% | 55.8% | 56.1% | 56.3% |
| EBITDA margin % | 8.9% | 8.5% | 6.9% | 6.3% | 6.3% | 7.3% | 7.1% | 8.3% |
| EBIT margin % | 6.8% | 5.2% | 3.4% | 3.8% | 4.4% | 5.4% | 5.1% | 6.3% |
| PAT margin % | 4.5% | 6.4% | 1.5% | 1.5% | 2.4% | 4.3% | 3% | 3.7% |
| Working capital | ||||||||
| Receivable days | 52 | 73 | 98 | 95 | 74 | 87 | 99 | 98 |
| Inventory days | 201 | 195 | 149 | 128 | 91 | 124 | 120 | 120 |
| Payable days | 151 | 122 | 161 | 145 | 105 | 139 | 165 | 167 |
| NWC days | 102 | 145 | 86 | 77 | 60 | 71 | 54 | 51 |
| Leverage | ||||||||
| Current ratio | 1.43 | 1.68 | 1.39 | 1.41 | 1.31 | 1.3 | 1.27 | 1.31 |
| Debt to EBITDA | 2.22 | 4.39 | 5.07 | 4.81 | 3.83 | 3.57 | 3.33 | 2.33 |
| Debt to equity | 0.43 | 0.5 | 0.5 | 0.63 | 0.65 | 0.63 | 0.53 | 0.43 |
| Interest coverage | 9.7 | 4.2 | 1.7 | 1.7 | 2.3 | 2.6 | 2.3 | 3 |
| Asset turnover | 1.1 | 0.73 | 0.73 | 0.97 | 1.23 | 1.12 | 1.08 | 1.11 |
| Return ratios | ||||||||
| Return on assets % | 4.9% | 4.6% | 1.1% | 1.5% | 2.9% | 4.8% | 3.2% | 4% |
| Return on capital employed % | 13.2% | 7.1% | 5.1% | 7.5% | 11.6% | 12.9% | 12.1% | 14.4% |
| Return on equity % | 9.7% | 8.6% | 2.1% | 3.2% | 6.3% | 10.5% | 6.7% | 8.1% |
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.