Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 9.4% | 9.3% | 8.6% | 8.3% | 8.8% | 9.4% |
| EBITDA margin % | 4.9% | 4.2% | 3.7% | 4.7% | 3.9% | 3.8% | 4.2% | 4.9% |
| EBIT margin % | 3.6% | 2.8% | 2.5% | 3.9% | 3.2% | 3.2% | 3.6% | 4.3% |
| PAT margin % | 1.3% | 1.1% | 1% | 2.4% | 1.8% | 1.9% | 2% | 2.1% |
| Working capital | ||||||||
| Receivable days | 60 | 55 | 68 | 52 | 48 | 36 | 37 | 44 |
| Inventory days | 26 | 24 | 33 | 19 | 25 | 24 | 24 | 37 |
| Payable days | — | — | 12 | 25 | 32 | 36 | 46 | 49 |
| NWC days | — | — | 89 | 46 | 41 | 24 | 16 | 32 |
| Leverage | ||||||||
| Current ratio | 1.16 | 1.23 | 1.32 | 1.6 | 1.47 | 1.64 | 1.18 | 1.15 |
| Debt to EBITDA | 4.18 | 4.12 | 6.02 | 2.16 | 2.09 | 1.08 | 1.84 | 2.44 |
| Debt to equity | 1.39 | 1.22 | 1.56 | 0.77 | 0.63 | 0.27 | 0.57 | 1.04 |
| Interest coverage | 2 | 1.7 | 1.9 | 4.2 | 3.2 | 3.3 | 2.9 | 2.9 |
| Asset turnover | 2.34 | 2.69 | 2.41 | 3.22 | 3.24 | 3.35 | 2.85 | 2.64 |
| Return ratios | ||||||||
| Return on assets % | 3% | 3.1% | 2.3% | 7.8% | 6% | 6.5% | 5.6% | 5.6% |
| Return on capital employed % | 20.1% | 16% | 14.4% | 26.3% | 22.1% | 23.5% | 25.9% | 29.7% |
| Return on equity % | 8.7% | 8% | 6.8% | 18.4% | 14.1% | 12.6% | 14.6% | 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.