Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 39.1% | 35.6% | 31.6% | 36.6% | 37.4% | 34.6% |
| EBITDA margin % | — | 12.4% | 10.5% | 10% | 10% | 12.1% | 11% | 10.4% |
| EBIT margin % | — | 7.8% | 6.7% | 6.2% | 7.1% | 8.1% | 7.1% | 7.7% |
| PAT margin % | — | 3.7% | 2.8% | 3.8% | 4% | 4% | 5.1% | 3.3% |
| Working capital | ||||||||
| Receivable days | — | — | 116 | 94 | 98 | 39 | 44 | 21 |
| Inventory days | — | — | 162 | 135 | 103 | 170 | 196 | 148 |
| Payable days | — | — | 61 | 46 | 40 | 25 | 25 | 23 |
| NWC days | — | — | 217 | 182 | 161 | 184 | 215 | 147 |
| Leverage | ||||||||
| Current ratio | — | — | 1.47 | 1.62 | 1.79 | 1.56 | 1.68 | 1.53 |
| Debt to EBITDA | — | — | 2.69 | 2.52 | 1.98 | 2.48 | 2.88 | 2.24 |
| Debt to equity | — | — | 0.44 | 0.44 | 0.38 | 0.41 | 0.32 | 0.34 |
| Interest coverage | 1.1 | 2.3 | 2.3 | 2.8 | 3.7 | 2.6 | 3 | 2.3 |
| Asset turnover | — | — | 0.82 | 0.98 | 1.14 | 0.84 | 0.68 | 0.93 |
| Return ratios | ||||||||
| Return on assets % | — | — | 2.3% | 3.7% | 4.5% | 3.3% | 3.5% | 3.1% |
| Return on capital employed % | — | — | 9.5% | 12.3% | 14.3% | 12.4% | 10.1% | 9.9% |
| Return on equity % | — | — | 4.3% | 6.6% | 7.7% | 5.4% | 5.2% | 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.