Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 47.9% | 45.9% | 47.6% | ||||
| 50.4% |
| 47.5% |
| 46.4% |
| 45.5% |
| EBITDA margin % | 10.7% | 11% | 10.4% | 11.9% | 17.8% | 14.2% | 11.8% | 8.3% |
| EBIT margin % | 8.2% | 8.4% | 7.5% | 7.9% | 14.7% | 10.7% | 8.5% | 4.3% |
| PAT margin % | 4.2% | 6.9% | 4.1% | 3.7% | 9.3% | 5.1% | 5.4% | 1% |
| Working capital | ||||||||
| Receivable days | — | — | 65 | 50 | 52 | 71 | 76 | 83 |
| Inventory days | — | — | 169 | 174 | 164 | 186 | 183 | 205 |
| Payable days | — | — | — | — | 116 | 141 | 168 | 208 |
| NWC days | — | — | — | — | 100 | 115 | 91 | 80 |
| Leverage | ||||||||
| Current ratio | — | — | 0.96 | 1.07 | 1.13 | 1.33 | 1.3 | 1.15 |
| Debt to EBITDA | — | — | 10.83 | 5.67 | 2.72 | 2.47 | 2.54 | 3.67 |
| Debt to equity | — | — | 1.43 | 1.46 | 1.12 | 0.54 | 0.42 | 0.4 |
| Interest coverage | 2.7 | 2.6 | 2.4 | 2.5 | 5.3 | 2.9 | 3.2 | 1.4 |
| Asset turnover | — | — | 0.41 | 0.7 | 0.84 | 0.77 | 0.72 | 0.66 |
| Return ratios | ||||||||
| Return on assets % | — | — | 1.7% | 2.6% | 7.8% | 3.9% | 3.9% | 0.6% |
| Return on capital employed % | — | — | 4.9% | 8.3% | 18.8% | 12.7% | 10.8% | 5% |
| Return on equity % | — | — | 5.2% | 8% | 21.4% | 7.9% | 7.6% | 1.3% |
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.