Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 38.5% | 40.5% | — | — | — | 52.3% |
| EBITDA margin % | 7.3% | 10.1% | 10.5% | 12.1% | 9.6% | 18.3% | 20.9% | 20.7% |
| EBIT margin % | 4% | 6.8% | 7.8% | 9.5% | 7.1% | 16.1% | 18.7% | 18.7% |
| PAT margin % | 1.5% | 3.3% | 3.6% | 5.1% | 3.9% | 13.5% | 11.8% | 12.3% |
| Working capital | ||||||||
| Receivable days | — | — | 38 | 32 | 40 | 60 | — | 78 |
| Inventory days | — | — | 215 | 185 | 121 | 106 | — | 277 |
| Payable days | — | — | 174 | 123 | 84 | 59 | — | 56 |
| NWC days | — | — | 79 | 93 | 77 | 107 | — | 298 |
| Leverage | ||||||||
| Current ratio | — | — | 0.94 | 1 | 1.04 | 1.31 | — | 1.62 |
| Debt to EBITDA | — | — | 2.43 | 1.95 | 2.54 | 1.13 | — | 2.25 |
| Debt to equity | — | — | 0.69 | 0.65 | 0.67 | 0.5 | — | 0.59 |
| Interest coverage | 1.4 | 1.9 | 2.6 | 3.9 | 3.6 | 8.6 | 6.2 | 8 |
| Asset turnover | — | — | 0.97 | 1.09 | 1.07 | 1.12 | — | 0.69 |
| Return ratios | ||||||||
| Return on assets % | — | — | 3.5% | 5.5% | 4.2% | 15.2% | — | 8.5% |
| Return on capital employed % | — | — | 17.8% | 22.9% | 17% | 36.3% | — | 20.2% |
| Return on equity % | — | — | 9.7% | 14.2% | 10.7% | 32.9% | — | 15.5% |
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.