Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 31.5% | 34.7% | 29.8% | 32.4% | 37% | 40.5% |
| EBITDA margin % | 8.8% | 7.2% | 9.6% | 12.6% | 7.1% | 9.2% | 11.5% | 13.3% |
| EBIT margin % | 6.6% | 3.8% | 5.7% | 9.9% | 4.8% | 7.1% | 9.4% | 10.8% |
| PAT margin % | 3.1% | 0.5% | 1.5% | 6.9% | 2.4% | 5.7% | 7.4% | 7% |
| Working capital | ||||||||
| Receivable days | — | 69 | 87 | 63 | 60 | 53 | 46 | 49 |
| Inventory days | — | 103 | 118 | 154 | 151 | 131 | 149 | 155 |
| Payable days | — | 76 | 66 | 59 | 44 | 41 | 32 | 29 |
| NWC days | — | 96 | 139 | 158 | 167 | 143 | 163 | 175 |
| Leverage | ||||||||
| Current ratio | — | 1.32 | 1.86 | 1.91 | 2.05 | 2.14 | 2.23 | 1.78 |
| Debt to EBITDA | — | 2.27 | 2.26 | 1.57 | 2.4 | 1.6 | 1.23 | 2.8 |
| Debt to equity | — | 0.45 | 0.45 | 0.42 | 0.35 | 0.3 | 0.26 | 0.62 |
| Interest coverage | 3.9 | 2.2 | 3 | 6.2 | 2.5 | 5.7 | 8.9 | 7.9 |
| Asset turnover | — | 1.21 | 1.07 | 1.24 | 1.26 | 1.32 | 1.27 | 0.93 |
| Return ratios | ||||||||
| Return on assets % | — | 0.6% | 1.6% | 8.6% | 3% | 7.4% | 9.4% | 6.5% |
| Return on capital employed % | — | 10% | 12.6% | 24% | 10.8% | 18.5% | 20.7% | 16% |
| Return on equity % | — | 1.3% | 3.1% | 14.8% | 4.9% | 11.6% | 13.4% | 11.7% |
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.