Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 29.9% | 29.9% | 30.6% | 29.7% | ||||
Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 29.9% | 29.9% | 30.6% | 29.7% | ||||
| 28.5% |
| 30.1% |
| 29.3% |
| 29.4% |
| EBITDA margin % | 7% | 7.1% | 12.3% | 11.3% | 11% | 11.6% | 11% | 11.3% |
| EBIT margin % | 1.2% | -0.6% | 5.7% | 6% | 7% | 8% | 7.7% | 8.3% |
| PAT margin % | -16.5% | -17.7% | 1.1% | 3.1% | 5.8% | 5.8% | 5.6% | 6.7% |
| Working capital | ||||||||
| Receivable days | 50 | — | 48 | 59 | 49 | 46 | 52 | 53 |
| Inventory days | 68 | — | 90 | 83 | 72 | 67 | 57 | 71 |
| Payable days | — | — | 103 | 101 | 77 | 64 | 71 | 70 |
| NWC days | — | — | 35 | 41 | 44 | 48 | 38 | 55 |
| Leverage | ||||||||
| Current ratio | 0.95 | — | 1.2 | 1.11 | 1.14 | 1.26 | 1.14 | 1.1 |
| Debt to EBITDA | 2.52 | — | 1.35 | 0.77 | 0.42 | 0.18 | 0.14 | 0.63 |
| Debt to equity | 0.38 | — | 0.44 | 0.23 | 0.13 | 0.06 | 0.04 | 0.2 |
| Interest coverage | 1.2 | 0.2 | 2.1 | 3.6 | 7.7 | 10.5 | 18.4 | 15.9 |
| Asset turnover | 1.1 | — | 1.16 | 1.23 | 1.51 | 1.69 | 1.54 | 1.54 |
| Return ratios | ||||||||
| Return on assets % | -18.1% | — | 1.2% | 3.8% | 8.8% | 9.8% | 8.7% | 10.3% |
| Return on capital employed % | 2.4% | — | 10.7% | 12.2% | 18.2% | 23.2% | 21.7% | 25.8% |
| Return on equity % | -35.6% | — | 2.8% | 8% | 16.6% | 16.3% | 15% | 18.3% |
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.