Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 4.7% | 4.1% | 3.8% | 4.2% | 4.2% | 4.1% | 3.8% | 3.6% |
| EBITDA margin % | 1.8% | 2.1% | 2.1% | 2.4% | 2.4% | 2.4% | 2.3% | 2.1% |
| EBIT margin % | 1.7% | 1.9% | 1.9% | 2.3% | 2.4% | 2.4% | 2.2% | 2% |
| PAT margin % | 0.9% | 2.6% | 1.2% | 3.5% | 3% | 2.6% | 3% | 2% |
| Working capital | ||||||||
| Receivable days | 52 | — | 45 | 52 | 58 | 59 | 62 | 63 |
| Inventory days | 35 | — | 18 | 26 | 27 | 23 | 22 | 25 |
| Payable days | — | — | 46 | 68 | 48 | 47 | 51 | 57 |
| NWC days | — | — | 17 | 10 | 37 | 35 | 34 | 30 |
| Leverage | ||||||||
| Current ratio | 1.18 | — | 1.37 | 1.29 | 1.3 | 1.35 | 1.4 | 1.34 |
| Debt to EBITDA | 2.75 | — | 0 | 0 | 1.91 | 1.58 | 1.22 | 1.08 |
| Debt to equity | 0.52 | — | 0 | 0 | 0.53 | 0.44 | 0.3 | 0.27 |
| Interest coverage | 2.9 | 7 | 12 | 154.4 | 17.4 | 8.3 | 13.8 | 14.6 |
| Asset turnover | 3.24 | — | 4.32 | 3.43 | 3.62 | 3.83 | 3.75 | 3.64 |
| Return ratios | ||||||||
| Return on assets % | 2.9% | — | 5% | 11.9% | 11% | 10% | 11.1% | 7.1% |
| Return on capital employed % | 20.9% | — | 24.2% | 47.2% | 47.1% | 43.5% | 43.9% | 33.5% |
| Return on equity % | 9.5% | — | 12.7% | 36.7% | 34.5% | 29.8% | 31.5% | 23.5% |
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.