Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 55.1% | 52% | 52% | 58.8% | ||||
Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 55.1% | 52% | 52% | 58.8% | ||||
| 61% |
| 56.1% |
| 53.3% |
| 56.2% |
| EBITDA margin % | 6.5% | 5.3% | 6.5% | 8.5% | 6.7% | 3.1% | 3.8% | 5.8% |
| EBIT margin % | 3.6% | 1.1% | 2.4% | 5.4% | 3.7% | -0.1% | 0.4% | 2.5% |
| PAT margin % | 1.6% | 1.4% | 1.4% | 4.7% | 3.1% | 0% | 0.4% | 1.6% |
| Working capital | ||||||||
| Receivable days | 74 | 64 | 67 | 58 | 58 | 71 | 68 | 60 |
| Inventory days | 122 | 124 | 91 | 93 | 114 | 110 | 73 | 79 |
| Payable days | — | — | 147 | 135 | 153 | 184 | 122 | 129 |
| NWC days | — | — | 11 | 16 | 19 | -3 | 19 | 11 |
| Leverage | ||||||||
| Current ratio | 1.48 | 1.66 | 1.78 | 1.71 | 1.55 | 1.45 | 1.59 | 1.68 |
| Debt to EBITDA | 2.38 | 1.51 | 0.98 | 0.17 | 0.04 | 1.96 | 1.77 | 0.76 |
| Debt to equity | 0.38 | 0.17 | 0.13 | 0.03 | 0.01 | 0.13 | 0.14 | 0.09 |
| Interest coverage | 2.6 | 1.3 | 2.4 | 9.3 | 13.1 | 1.1 | 1.7 | 5.5 |
| Asset turnover | 1.25 | 1.18 | 1.16 | 1.46 | 1.48 | 1.23 | 1.27 | 1.32 |
| Return ratios | ||||||||
| Return on assets % | 1.9% | 1.6% | 1.6% | 6.9% | 4.6% | 0% | 0.5% | 2.2% |
| Return on capital employed % | 7.4% | 3.4% | 4.4% | 12.1% | 9.6% | 0.6% | 2.2% | 5.3% |
| Return on equity % | 3.8% | 2.9% | 2.8% | 11% | 7.1% | 0% | 0.8% | 3.5% |
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.