Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 7.7% | 7.6% | 7.6% | 7.7% | 7.8% | 7.5% | 5.9% |
| EBITDA margin % | 5.1% | 5.4% | 5.7% | 6.1% | 6.1% | 6.2% | 5.5% | 3.7% |
| EBIT margin % | 5% | 5.3% | 5.6% | 6% | 6% | 6.1% | 5.4% | 3.6% |
| PAT margin % | 6.2% | 5.4% | 6.1% | 5.6% | 6.3% | 6.7% | 6% | 4% |
| Working capital | ||||||||
| Receivable days | 31 | — | 23 | 18 | 17 | 19 | 27 | 99 |
| Inventory days | — | — | 1 | 1 | 0 | 0 | 0 | 2 |
| Payable days | 9 | — | 7 | 5 | 12 | 5 | 7 | 32 |
| NWC days | — | — | 17 | 14 | 5 | 14 | 21 | 69 |
| Leverage | ||||||||
| Current ratio | — | — | 3.98 | 2.07 | 2.02 | 2.11 | 2.05 | 1.89 |
| Debt to EBITDA | 7.91 | — | 6.71 | 5.58 | 5.15 | 4.45 | 4.89 | 6.38 |
| Debt to equity | 0.81 | — | 1.19 | 1.17 | 0.99 | 0.76 | 0.62 | 0.54 |
| Interest coverage | 13.5 | 25.2 | 41.9 | 3.5 | 3.8 | 4.4 | 3.9 | 3.6 |
| Asset turnover | 0.66 | — | 1.14 | 1 | 1.15 | 1.16 | 1.02 | 0.97 |
| Return ratios | ||||||||
| Return on assets % | 4.1% | — | 6.9% | 5.6% | 7.2% | 7.8% | 6.1% | 3.9% |
| Return on capital employed % | — | — | 10.7% | 16.9% | 17.5% | 18.4% | 14.9% | 11.1% |
| Return on equity % | 12.6% | — | 18.9% | 19.3% | 19.6% | 18.6% | 13.8% | 9% |
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.