Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 80% | 73.7% | 75.7% | 78.8% | 77.9% |
| EBITDA margin % | 2.7% | 3% | 6.3% | 11.2% | 20.5% | 23.8% | 17.1% | 9.4% |
| EBIT margin % | 2.7% | 1% | 4.3% | 9.8% | 18.7% | 22.1% | 15.2% | 7.1% |
| PAT margin % | 2.8% | 0.2% | 5.9% | 9.1% | 14.6% | 17.7% | 13.5% | 19.8% |
| Working capital | ||||||||
| Receivable days | 97 | 107 | 126 | 119 | 130 | 116 | 107 | 166 |
| Inventory days | 72 | 19 | 19 | 95 | 71 | 70 | 82 | 95 |
| Payable days | 124 | 151 | 233 | 677 | 466 | 457 | 580 | 697 |
| NWC days | 45 | -25 | -88 | -463 | -265 | -271 | -391 | -436 |
| Leverage | ||||||||
| Current ratio | 0.92 | 0.99 | 0.94 | 1.07 | 1.22 | 1.51 | 1.34 | 1.67 |
| Debt to EBITDA | 23.17 | 19.62 | 11.21 | 4.11 | 1.97 | 0.92 | 1.25 | 2.22 |
| Debt to equity | 2.09 | 1.46 | 1.14 | 0.87 | 0.66 | 0.35 | 0.28 | 0.2 |
| Interest coverage | 1.4 | 1.1 | 1.8 | 3.8 | 5.2 | 8.1 | 6.8 | 5.3 |
| Asset turnover | 0.63 | 0.56 | 0.43 | 0.61 | 0.62 | 0.7 | 0.63 | 0.49 |
| Return ratios | ||||||||
| Return on assets % | 1.7% | 0.1% | 2.5% | 5.6% | 9% | 12.5% | 8.6% | 9.6% |
| Return on capital employed % | 16.1% | 8.9% | 12% | 31% | 28.6% | 35.1% | 24.2% | 15.1% |
| Return on equity % | 9.4% | 0.5% | 9.5% | 17.3% | 23.8% | 28.6% | 17.4% | 18.4% |
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.