Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 63% | 51.6% | 35.7% | 34.8% | 40.6% | 63.6% | 59.7% | 48.6% |
| EBITDA margin % | 26.3% | 29.8% | 23.2% | 18.2% | 22% | 30.9% | 22.7% | 24% |
| EBIT margin % | 23.7% | 20.4% | 15.6% | 11.9% | 14.3% | 15.8% | 7.9% | 13.8% |
| PAT margin % | 11.9% | 7.8% | 5.3% | 20.8% | 7.9% | 9.3% | 6.5% | 4.5% |
| Working capital | ||||||||
| Receivable days | 157 | 105 | 85 | 50 | 34 | 45 | 43 | 66 |
| Inventory days | 3,257 | 1,733 | 964 | 666 | 759 | 2,207 | 2,357 | 1,499 |
| Payable days | — | — | 89 | 62 | 71 | 193 | 195 | 88 |
| NWC days | — | — | 960 | 654 | 721 | 2,059 | 2,205 | 1,478 |
| Leverage | ||||||||
| Current ratio | 0.89 | — | 1.03 | 1.11 | 1.01 | 1.03 | 1.25 | 1.22 |
| Debt to EBITDA | 7.4 | 4.35 | 2.42 | 3.11 | 3.52 | 4.58 | 5.34 | 7.18 |
| Debt to equity | 1.12 | 0.82 | 0.42 | 0.4 | 0.5 | 0.55 | 0.29 | 0.59 |
| Interest coverage | 1.7 | 1.6 | 1.6 | 2.9 | 2.2 | 1.5 | 1.1 | 1.3 |
| Asset turnover | 0.13 | 0.17 | 0.22 | 0.26 | 0.24 | 0.14 | 0.11 | 0.13 |
| Return ratios | ||||||||
| Return on assets % | 1.6% | 1.3% | 1.2% | 5.5% | 1.9% | 1.3% | 0.7% | 0.6% |
| Return on capital employed % | 12.2% | — | 12.3% | 11.8% | 9% | 7.9% | 5.6% | 6.1% |
| Return on equity % | 6.8% | 5% | 3.9% | 14.9% | 5.1% | 3.6% | 1.6% | 1.5% |
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.