Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 55.9% | 57.9% | ||||
| 54.5% |
| 49.6% |
| 49.2% |
| 49.1% |
| EBITDA margin % | 11.4% | 13.9% | 22.1% | 23.4% | 20.4% | 18.1% | 17.7% | 15.4% |
| EBIT margin % | 11.3% | 13.9% | 14.9% | 18.1% | 14.8% | 12.4% | 11.8% | 8.6% |
| PAT margin % | 18.6% | 14.4% | 14.9% | 19.5% | 16.1% | 9.2% | 9.3% | 4.8% |
| Working capital | ||||||||
| Receivable days | — | — | 70 | 25 | 76 | 123 | 67 | 71 |
| Inventory days | — | — | 45 | 97 | 256 | 328 | 268 | 324 |
| Payable days | — | — | 119 | 108 | 154 | 103 | 114 | 168 |
| NWC days | — | — | -4 | 14 | 179 | 348 | 220 | 227 |
| Leverage | ||||||||
| Current ratio | — | — | 1.05 | 2.97 | 1.7 | 1.88 | 1.53 | 1.55 |
| Debt to EBITDA | — | — | 0.6 | 0.61 | 1.76 | 2.67 | 2.3 | 2.52 |
| Debt to equity | — | — | 0.06 | 0.05 | 0.12 | 0.12 | 0.15 | 0.16 |
| Interest coverage | 8.7 | 9.2 | 25.6 | 18.3 | 11.3 | 4.1 | 3.2 | 2.6 |
| Asset turnover | — | — | 0.38 | 0.31 | 0.26 | 0.2 | 0.29 | 0.32 |
| Return ratios | ||||||||
| Return on assets % | — | — | 5.7% | 6.1% | 4.1% | 1.8% | 2.7% | 1.5% |
| Return on capital employed % | — | — | 7% | 8.6% | 5.5% | 3.8% | 4.9% | 3.7% |
| Return on equity % | — | — | 7% | 7.1% | 5.2% | 2.3% | 3.5% | 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.