Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 40.9% | 44% | 49.4% | 44% | 38.5% | 40.4% | 39.4% | 37.6% |
| EBITDA margin % | 7.2% | 8% | 12.2% | 8.5% | 3.5% | 6.7% | 6.8% | 4.1% |
| EBIT margin % | 4% | 4.4% | 8.6% | 5.7% | 0.7% | 2.9% | 2.6% | -0.3% |
| PAT margin % | 1.5% | 3.5% | 8.7% | 3.8% | 3% | 1.2% | 1.2% | 0.2% |
| Working capital | ||||||||
| Receivable days | — | 24 | 32 | 27 | 30 | 30 | 27 | 25 |
| Inventory days | — | 94 | 127 | 98 | 101 | 117 | 88 | 103 |
| Payable days | — | — | 67 | 43 | 53 | 56 | 39 | 55 |
| NWC days | — | — | 92 | 81 | 77 | 91 | 77 | 73 |
| Leverage | ||||||||
| Current ratio | — | — | 1.56 | 1.78 | 1.45 | 1.25 | 1.27 | 1.35 |
| Debt to EBITDA | — | 1.39 | 0.77 | 0.78 | 8.79 | 4.7 | 3.47 | 6.1 |
| Debt to equity | — | 0.29 | 0.19 | 0.15 | 0.69 | 0.7 | 0.55 | 0.52 |
| Interest coverage | 1.7 | 2 | 4.8 | 5.8 | 1.9 | 1.5 | 1.7 | 0.6 |
| Asset turnover | — | 1.47 | 1.26 | 1.54 | 1.04 | 1.04 | 1.2 | 1.06 |
| Return ratios | ||||||||
| Return on assets % | — | 5.1% | 11% | 5.8% | 3.1% | 1.2% | 1.5% | 0.2% |
| Return on capital employed % | — | — | 16.5% | 13.7% | 3.9% | 6.2% | 6.9% | 2.5% |
| Return on equity % | — | 9.2% | 17.2% | 8.8% | 6.5% | 2.6% | 2.8% | 0.4% |
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.