Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 35.4% | 38.4% | 25.9% | 31.4% | 32.9% |
| EBITDA margin % | 14.5% | 14.3% | 16.3% | 16.4% | 16.4% | 4.9% | 11.5% | 10.4% |
| EBIT margin % | 14.5% | 13.3% | 15.7% | 15.1% | 15.5% | 4.1% | 10.7% | 9.5% |
| PAT margin % | 9.3% | 9.8% | 11% | 11.2% | 11.6% | 1.7% | 7% | 6.7% |
| Working capital | ||||||||
| Receivable days | 113 | — | — | 142 | 128 | 102 | 121 | 134 |
| Inventory days | 89 | — | — | 62 | 124 | 109 | 68 | 122 |
| Payable days | 112 | — | — | 95 | 68 | 76 | 72 | 117 |
| NWC days | 91 | — | — | 109 | 184 | 136 | 116 | 139 |
| Leverage | ||||||||
| Current ratio | 1.31 | — | — | 1.74 | 1.91 | 1.18 | 3.4 | 1.87 |
| Debt to EBITDA | 2.25 | — | — | 1.2 | 1.96 | 7.01 | 2.49 | 3.26 |
| Debt to equity | 0.91 | — | — | 0.24 | 0.4 | 0.5 | 0.19 | 0.18 |
| Interest coverage | 11.4 | 6.4 | 7.6 | 7.7 | 11.2 | 1.7 | 4.6 | 3.8 |
| Asset turnover | 0.95 | — | — | 0.74 | 0.69 | 0.73 | 0.49 | 0.38 |
| Return ratios | ||||||||
| Return on assets % | 8.8% | — | — | 8.3% | 8% | 1.2% | 3.4% | 2.5% |
| Return on capital employed % | 49.4% | — | — | 20.8% | 21.6% | 7.3% | 10.9% | 6.6% |
| Return on equity % | 26% | — | — | 13.7% | 14.5% | 2.5% | 4.7% | 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.