Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 40.4% | ||||
| 41.2% |
| 45% |
| 43.1% |
| 47.5% |
| EBITDA margin % | 4.4% | 7.4% | 5.7% | 6.6% | 5.8% | 1.9% | -0.5% | 5.7% |
| EBIT margin % | 2.8% | 6% | 3.6% | 5% | 4.4% | 0.6% | -2% | 3.8% |
| PAT margin % | 2.9% | 3.5% | 3.2% | 3.2% | 3.3% | 0.4% | -1.6% | 1.2% |
| Working capital | ||||||||
| Receivable days | — | — | — | 40 | 53 | 57 | 53 | 73 |
| Inventory days | — | — | — | 123 | 64 | 147 | 117 | 117 |
| Payable days | — | — | — | 27 | 18 | 64 | 53 | 19 |
| NWC days | — | — | — | 136 | 100 | 139 | 117 | 170 |
| Leverage | ||||||||
| Current ratio | — | — | — | 1.12 | 1.42 | 1.24 | 1.27 | 1.27 |
| Debt to EBITDA | — | — | — | 5.15 | 4.86 | 17.4 | — | 6.65 |
| Debt to equity | — | — | — | 1.74 | 1.44 | 1.31 | 1.45 | 1.57 |
| Interest coverage | 2.7 | 3.3 | 2.6 | 3.1 | 3.8 | 1.8 | -0.1 | 2.3 |
| Asset turnover | — | — | — | 1.59 | 1.79 | 1.34 | 1.33 | 1.42 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | 5.1% | 5.8% | 0.6% | -2.2% | 1.7% |
| Return on capital employed % | — | — | — | 27.8% | 26.8% | 7.5% | -0.3% | 16.3% |
| Return on equity % | — | — | — | 16.5% | 16.6% | 1.7% | -6.5% | 4.9% |
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.