Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 19.2% | 18.2% | 17.7% | 22.3% | 21.1% | 22.2% | 21.7% |
| EBITDA margin % | 4.8% | 5% | 4.3% | 4.6% | 4.2% | 4.6% | 5.7% | 4.9% |
| EBIT margin % | 4.2% | 4.2% | 3.3% | 3.8% | 3.3% | 3.7% | 4.8% | 4% |
| PAT margin % | 2.8% | 2.5% | 1.7% | 2.6% | 1.5% | 1.5% | 1.8% | 0.9% |
| Working capital | ||||||||
| Receivable days | 104 | 104 | 115 | 106 | 112 | 105 | 118 | 118 |
| Inventory days | 100 | 92 | 122 | 114 | 125 | 171 | 166 | 212 |
| Payable days | — | 0 | 0 | 0 | 70 | 74 | 63 | 89 |
| NWC days | — | 196 | 236 | 220 | 167 | 202 | 222 | 241 |
| Leverage | ||||||||
| Current ratio | 1.85 | 1.86 | 2.17 | 1.96 | 2.1 | 1.9 | 2.05 | 1.83 |
| Debt to EBITDA | 3.49 | 3.24 | 4.58 | 4.2 | 4.42 | 5.17 | 4.13 | 5.68 |
| Debt to equity | 0.46 | 0.45 | 0.43 | 0.54 | 0.46 | 0.56 | 0.45 | 0.51 |
| Interest coverage | 5.7 | 5.2 | 3.9 | 6 | 2.4 | 1.9 | 2.5 | 2 |
| Asset turnover | 1.44 | 1.47 | 1.22 | 1.41 | 1.32 | 1.18 | 1.09 | 0.94 |
| Return ratios | ||||||||
| Return on assets % | 4.1% | 3.7% | 2.1% | 3.6% | 2% | 1.8% | 2% | 0.9% |
| Return on capital employed % | 12.1% | 11.6% | 7.7% | 12.4% | 8% | 9.2% | 10.4% | 7.5% |
| Return on equity % | 7.7% | 6.9% | 3.8% | 7.2% | 3.7% | 3.5% | 3.5% | 1.7% |
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.