Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 89.6% | 82.3% | 82.1% | 74.1% | ||||
| 76.3% |
| 79.5% |
| 82% |
| 74.7% |
| EBITDA margin % | 13.4% | 4.3% | 9.8% | 15.1% | 14.2% | 14.1% | 13.8% | 13% |
| EBIT margin % | 11.4% | 1.8% | 6.1% | 12.9% | 12% | 11.9% | 11.8% | 10.9% |
| PAT margin % | 4% | 1.6% | -8.1% | 1.7% | 4.1% | 6.5% | 5.2% | 5.6% |
| Working capital | ||||||||
| Receivable days | 150 | 123 | 71 | 46 | 41 | 39 | 49 | 39 |
| Inventory days | 4,850 | 2,499 | 3,375 | 1,363 | 1,314 | 1,465 | 1,701 | 225 |
| Payable days | 2,016 | 1,446 | 1,328 | 586 | 596 | 748 | 849 | 615 |
| NWC days | 2,984 | 1,175 | 2,118 | 823 | 760 | 756 | 901 | -350 |
| Leverage | ||||||||
| Current ratio | 1.34 | 1.23 | 1.39 | 1.34 | 1.41 | 1.48 | 1.57 | 1.42 |
| Debt to EBITDA | 7.88 | 18.46 | 11.36 | 4.35 | 2.88 | 2.83 | 2.17 | 1.77 |
| Debt to equity | 0.95 | 0.73 | 0.77 | 0.85 | 0.55 | 0.56 | 0.4 | 0.26 |
| Interest coverage | 1.6 | 1.2 | 0.7 | 1.3 | 1.5 | 1.8 | 2.5 | 2.4 |
| Asset turnover | 0.28 | 0.31 | 0.23 | 0.39 | 0.47 | 0.51 | 0.53 | 0.54 |
| Return ratios | ||||||||
| Return on assets % | 1.1% | 0.5% | -1.9% | 0.7% | 1.9% | 3.3% | 2.8% | 3% |
| Return on capital employed % | 13.2% | 9.5% | 5.8% | 11.8% | 13.3% | 13.2% | 15.5% | 12.6% |
| Return on equity % | 3.6% | 1.4% | -5.6% | 2.2% | 5.4% | 9.1% | 6.9% | 6.4% |
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.