Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 49.6% | 39.4% | 34% | 36.3% | 34.3% | 33.6% | 45.2% | 43% |
| EBITDA margin % | 16.9% | 20.3% | 14.3% | 15% | 12% | 14% | 19.6% | 17% |
| EBIT margin % | 7.1% | 7% | 2.4% | 6.1% | 6% | 7% | 10.3% | 7.4% |
| PAT margin % | 4.5% | 5.7% | 1.8% | 3.1% | 2% | 4.8% | 5.7% | 2.6% |
| Working capital | ||||||||
| Receivable days | — | — | 84 | 116 | 99 | 79 | 70 | 49 |
| Inventory days | — | — | 124 | 174 | 162 | 75 | 185 | 222 |
| Payable days | — | — | 43 | 88 | 31 | 21 | 36 | 25 |
| NWC days | — | — | 165 | 201 | 230 | 132 | 220 | 246 |
| Leverage | ||||||||
| Current ratio | — | — | 1.03 | 1.2 | 1.32 | 1.18 | 1.94 | 2.56 |
| Debt to EBITDA | — | — | 6.05 | 4.85 | 5.4 | 2.11 | 2.3 | 2.09 |
| Debt to equity | — | — | 0.48 | 0.53 | 0.51 | 0.21 | 0.26 | 0.2 |
| Interest coverage | 4.7 | 2.3 | 3.7 | 1.8 | 1.4 | 3.1 | 2.9 | 1.8 |
| Asset turnover | — | 1.12 | 0.35 | 0.43 | 0.49 | 0.56 | 0.44 | 0.44 |
| Return ratios | ||||||||
| Return on assets % | — | 6.4% | 0.6% | 1.3% | 1% | 2.7% | 2.5% | 1.2% |
| Return on capital employed % | — | — | 1.9% | 5.7% | 5.8% | 7% | 6.4% | 4.2% |
| Return on equity % | — | — | 1% | 2.3% | 1.6% | 3.4% | 3.3% | 1.5% |
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.