Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 76.6% | 77% | 81.4% | 84.6% | 81.1% | 79.2% | 76.5% | 75.9% |
| EBITDA margin % | 11% | 14% | 30.3% | 18.3% | 9.1% | 9.6% | 3.6% | 7.4% |
| EBIT margin % | 6.1% | 7.5% | 24.7% | 13.1% | 4.6% | 3.5% | -4% | 0.8% |
| PAT margin % | 3% | 4.1% | 16.2% | 6.6% | 2.1% | 1.6% | -5.5% | 1.9% |
| Working capital | ||||||||
| Receivable days | 32 | — | 37 | 29 | 29 | 31 | 36 | 35 |
| Inventory days | 184 | — | 244 | 263 | 216 | 191 | 177 | 167 |
| Payable days | 0 | — | 447 | 291 | 237 | 336 | 335 | 153 |
| NWC days | 215 | — | -166 | 1 | 8 | -114 | -121 | 49 |
| Leverage | ||||||||
| Current ratio | 0.9 | — | 1.01 | 0.88 | 1.02 | 0.95 | 0.67 | 0.63 |
| Debt to EBITDA | 2.5 | — | 1.32 | 3.11 | 2.27 | 2.62 | 8.78 | 3.97 |
| Debt to equity | 0.28 | — | 0.33 | 0.69 | 0.24 | 0.28 | 0.31 | 0.31 |
| Interest coverage | 2.1 | 2.4 | 10.6 | 3.4 | 1.6 | 1.6 | -0.4 | 1 |
| Asset turnover | 0.6 | — | 0.48 | 0.58 | 0.74 | 0.66 | 0.58 | 0.64 |
| Return ratios | ||||||||
| Return on assets % | 1.8% | — | 7.8% | 3.9% | 1.5% | 1.1% | -3.1% | 1.2% |
| Return on capital employed % | 6.4% | — | 17% | 12.8% | 8.2% | 5.7% | -1.7% | 4% |
| Return on equity % | 3% | — | 13.6% | 8% | 2.4% | 1.8% | -5.3% | 2% |
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.