Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 27% | 26.5% | ||||
| 27.4% |
| 28.5% |
| 29.6% |
| 27.4% |
| EBITDA margin % | 11.4% | 10.5% | 7.2% | 9.6% | 9.5% | 9.7% | 8% | 7.4% |
| EBIT margin % | 7.8% | 7% | 4% | 7.1% | 7.3% | 7.2% | 5.3% | 4.9% |
| PAT margin % | 1.3% | 0.5% | -1.2% | 2.3% | 2.5% | 2.7% | 1.4% | 1.6% |
| Working capital | ||||||||
| Receivable days | 65 | — | 58 | 46 | 41 | 46 | 52 | 46 |
| Inventory days | 117 | — | 140 | 124 | 98 | 114 | 114 | 117 |
| Payable days | 73 | — | 77 | 80 | 55 | 66 | 90 | 96 |
| NWC days | 108 | — | 120 | 90 | 84 | 94 | 76 | 68 |
| Leverage | ||||||||
| Current ratio | 1.4 | — | 1.41 | 1.42 | 1.48 | 1.46 | 1.28 | 1.23 |
| Debt to EBITDA | 3.85 | — | 5.57 | 2.84 | 2.74 | 2.6 | 2.29 | 2.07 |
| Debt to equity | 1.77 | — | 1.72 | 1.37 | 1.27 | 1.07 | 0.71 | 0.61 |
| Interest coverage | 1.3 | 1.1 | 0.8 | 1.6 | 1.9 | 2 | 1.6 | 1.9 |
| Asset turnover | 1.06 | — | 1.16 | 1.47 | 1.63 | 1.52 | 1.51 | 1.56 |
| Return ratios | ||||||||
| Return on assets % | 1.4% | — | -1.3% | 3.3% | 4.1% | 4.2% | 2% | 2.5% |
| Return on capital employed % | 20% | — | 10.8% | 23.5% | 23.8% | 21.6% | 16.5% | 18.2% |
| Return on equity % | 5.4% | — | -5% | 11.4% | 12.3% | 11.6% | 5.3% | 6.5% |
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.