Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 46.9% | 46.9% | ||||
| 52.2% |
| 57.1% |
| 53.9% |
| 55.8% |
| EBITDA margin % | 7.8% | 8.9% | 11.1% | 11.7% | 18.4% | 23.2% | 19.5% | 23.2% |
| EBIT margin % | 2.7% | 3.8% | 7% | 8.5% | 15.6% | 20.2% | 17% | 20.7% |
| PAT margin % | 1.1% | 2.7% | 5.1% | 6.2% | 12.1% | 17.4% | 15.6% | 18.8% |
| Working capital | ||||||||
| Receivable days | 80 | — | 57 | 65 | 59 | 60 | 66 | 61 |
| Inventory days | 104 | — | 161 | 148 | 133 | 164 | 138 | 120 |
| Payable days | 34 | — | 46 | 30 | 45 | 53 | 38 | 54 |
| NWC days | 150 | — | 171 | 182 | 148 | 171 | 165 | 127 |
| Leverage | ||||||||
| Current ratio | 1.16 | — | 1.53 | 1.53 | 2.41 | 3.38 | 3.66 | 5.55 |
| Debt to EBITDA | 5.03 | — | 1.89 | 1.59 | 0.37 | 0.25 | 0.44 | 0.06 |
| Debt to equity | 0.67 | — | 0.46 | 0.43 | 0.14 | 0.09 | 0.12 | 0.02 |
| Interest coverage | 1.3 | 1.9 | 5.9 | 9.1 | 24.3 | 48.2 | 48.4 | 87.7 |
| Asset turnover | 0.83 | — | 1.24 | 1.36 | 1.49 | 1.18 | 1.07 | 1.03 |
| Return ratios | ||||||||
| Return on assets % | 0.9% | — | 6.2% | 8.4% | 18% | 20.6% | 16.7% | 19.4% |
| Return on capital employed % | 4% | — | 15.4% | 21.6% | 36.2% | 39% | 27.4% | 32.5% |
| Return on equity % | 1.9% | — | 11% | 14.4% | 24.5% | 26.1% | 21% | 22.3% |
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.