Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 48.8% | 45.6% | 43.1% | 39.6% | ||||
| 38.9% |
| 40.6% |
| 42.8% |
| 44.4% |
| EBITDA margin % | 18.8% | 14.1% | 10.5% | 9.5% | 9.3% | 8.7% | 11.3% | 9.8% |
| EBIT margin % | 12.5% | 6.9% | 2.3% | 2.5% | 3.3% | 2.3% | 5.3% | 3.7% |
| PAT margin % | 8.1% | 5.4% | 1.5% | 1.1% | 1.4% | -0.9% | 2.6% | 6.2% |
| Working capital | ||||||||
| Receivable days | — | — | 70 | 47 | 46 | 51 | 49 | 68 |
| Inventory days | — | — | 83 | 63 | 71 | 71 | 58 | 95 |
| Payable days | — | — | 95 | 69 | 75 | 69 | 78 | 117 |
| NWC days | — | — | 58 | 41 | 41 | 53 | 29 | 46 |
| Leverage | ||||||||
| Current ratio | — | — | 1.46 | 1.32 | 1.06 | 1.02 | 1.04 | 1.11 |
| Debt to EBITDA | — | — | 1.47 | 2.35 | 2.69 | 3.16 | 2.47 | 3.58 |
| Debt to equity | — | — | 0.16 | 0.29 | 0.39 | 0.44 | 0.46 | 0.53 |
| Interest coverage | 12.9 | 9.8 | 2.7 | 2 | 1.9 | 1.3 | 2.3 | 1.6 |
| Asset turnover | — | — | 0.72 | 0.83 | 0.91 | 0.89 | 0.91 | 0.72 |
| Return ratios | ||||||||
| Return on assets % | — | — | 1.1% | 0.9% | 1.3% | -0.8% | 2.4% | 4.5% |
| Return on capital employed % | — | — | 2.7% | 3.2% | 4.8% | 3.9% | 8.2% | 6.1% |
| Return on equity % | — | — | 1.6% | 1.5% | 2.2% | -1.5% | 4.3% | 9.4% |
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.