Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 74.7% | 75.2% | 71.1% | 72.8% | 76% | 76.5% | 76.6% | 76.9% |
| EBITDA margin % | 9.1% | 11.5% | -1.9% | 10.6% | 16% | 18.2% | 18.7% | 21.1% |
| EBIT margin % | 4.7% | 5.8% | -9.3% | 5.7% | 11.3% | 13.3% | 14% | 16.3% |
| PAT margin % | 2.4% | 3% | -4.8% | 5.5% | 9% | 13% | 12% | 12.7% |
| Working capital | ||||||||
| Receivable days | 28 | 24 | — | 26 | 22 | 21 | 25 | 30 |
| Inventory days | 34 | 22 | — | 16 | 17 | 26 | 19 | 16 |
| Payable days | 165 | 3 | — | 177 | 211 | 192 | 168 | 175 |
| NWC days | -103 | 43 | — | -135 | -173 | -144 | -124 | -129 |
| Leverage | ||||||||
| Current ratio | 0.91 | 0.72 | — | 0.78 | 0.86 | 1.17 | 1.5 | 1.47 |
| Debt to EBITDA | 2.45 | 1.52 | — | 1.49 | 1.15 | 1.55 | 2.2 | 2.19 |
| Debt to equity | 0.4 | 0.33 | — | 0.31 | 0.37 | 0.5 | 0.68 | 0.71 |
| Interest coverage | 3.2 | 3.1 | -1.8 | 6.3 | 9.8 | 10.3 | 7.3 | 6.5 |
| Asset turnover | 1 | 1.01 | — | 1.06 | 1.07 | 0.93 | 0.8 | 0.73 |
| Return ratios | ||||||||
| Return on assets % | 2.4% | 3.1% | — | 5.9% | 9.6% | 12.2% | 9.6% | 9.3% |
| Return on capital employed % | 6.8% | 8.6% | — | 13.8% | 22.4% | 22.4% | 19.5% | 19.5% |
| Return on equity % | 4.3% | 5.8% | — | 10.9% | 18.1% | 23.1% | 19.7% | 19.4% |
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.