Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 90.4% | 99% | — | 95.2% | ||||
| 97.9% |
| — |
| — |
| — |
| EBITDA margin % | 21.5% | 35% | 27% | 35% | 38.3% | 29% | 23.5% | 27.1% |
| EBIT margin % | 11% | 22.9% | 10.3% | 19.5% | 27.4% | 15.3% | 10.1% | 13.7% |
| PAT margin % | 17.7% | 17.9% | 14.4% | 12.6% | 9.6% | 17.6% | 18.5% | 23.2% |
| Working capital | ||||||||
| Receivable days | — | — | 283 | 116 | 107 | 115 | 67 | 62 |
| Inventory days | — | — | 98 | 785 | 1,134 | 51 | 64 | 74 |
| Payable days | — | — | 104 | 825 | 2,224 | 45 | 57 | 36 |
| NWC days | — | — | 276 | 77 | -983 | 122 | 73 | 101 |
| Leverage | ||||||||
| Current ratio | — | — | 1.23 | 1.64 | 1.85 | 1.65 | 0.81 | 0.64 |
| Debt to EBITDA | — | — | 7.64 | 2.97 | 1.88 | 2.62 | 3.12 | 3.45 |
| Debt to equity | — | — | 1.15 | 0.74 | 0.64 | 0.5 | 0.43 | 0.53 |
| Interest coverage | 4.4 | 3.7 | 2.5 | 3.5 | 6.3 | 3.9 | 4 | 5.2 |
| Asset turnover | — | — | 0.2 | 0.29 | 0.37 | 0.3 | 0.28 | 0.29 |
| Return ratios | ||||||||
| Return on assets % | — | — | 2.8% | 3.7% | 3.5% | 5.3% | 5.2% | 6.7% |
| Return on capital employed % | — | — | 8.5% | 9.3% | 15.9% | 8.1% | 7.6% | 9.2% |
| Return on equity % | — | — | 8% | 9% | 8.5% | 11.5% | 10.9% | 13.1% |
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.