Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 46.1% | 53.7% | 58.9% | 50.6% | ||||
| 47.8% |
| 47.6% |
| 54.9% |
| 58.1% |
| EBITDA margin % | 18% | 15.6% | 21.5% | 17.9% | 14.6% | 15.2% | 19.2% | 13.6% |
| EBIT margin % | 13.2% | 9.7% | 14.4% | 13.5% | 9.1% | 9.1% | 13.4% | 7.4% |
| PAT margin % | 11.5% | 11.7% | 5.2% | 12.5% | 7.5% | 9.7% | 11.8% | 6.6% |
| Working capital | ||||||||
| Receivable days | — | — | 143 | 87 | 58 | 87 | 81 | 101 |
| Inventory days | — | — | 201 | 168 | 153 | 129 | 164 | 170 |
| Payable days | — | — | 93 | 73 | 58 | 71 | 62 | 79 |
| NWC days | — | — | 251 | 182 | 153 | 145 | 183 | 191 |
| Leverage | ||||||||
| Current ratio | — | — | 1.71 | 1.68 | 1.28 | 1.45 | 1.18 | 1.23 |
| Debt to EBITDA | — | — | 2.18 | 1.51 | 1.85 | 2.29 | 2.11 | 3.51 |
| Debt to equity | — | — | 0.32 | 0.27 | 0.24 | 0.28 | 0.33 | 0.38 |
| Interest coverage | 5.5 | 4.9 | 7.7 | 20.2 | 9.2 | 9.5 | 7.6 | 10.5 |
| Asset turnover | — | — | 0.42 | 0.65 | 0.63 | 0.56 | 0.55 | 0.49 |
| Return ratios | ||||||||
| Return on assets % | — | — | 2.2% | 8.1% | 4.7% | 5.4% | 6.4% | 3.2% |
| Return on capital employed % | — | — | 11.4% | 16.6% | 9.7% | 11.4% | 15.1% | 15.5% |
| Return on equity % | — | — | 3.5% | 12.6% | 6.7% | 7.9% | 9.6% | 5.2% |
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.