Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 67.3% | 81% | 88.1% | 83.7% | 90.4% | 73.9% | — | 91.2% |
| EBITDA margin % | 19.2% | 29.5% | 30.1% | 31.5% | 10.2% | 8.1% | 7.2% | 7.9% |
| EBIT margin % | 17.4% | 27.7% | 26.5% | 29% | 8.3% | 5.7% | 5.1% | 5.9% |
| PAT margin % | 8.5% | 7.7% | 3.1% | 4.2% | 2.9% | 1.5% | 2.8% | 5.6% |
| Working capital | ||||||||
| Receivable days | 35 | 36 | 34 | 47 | 23 | 23 | 20 | 20 |
| Inventory days | 2,084 | 3,286 | 9,901 | 6,020 | 9,467 | 4,004 | 1,019 | 9,168 |
| Payable days | — | 491 | 1,076 | 365 | 680 | 277 | 54 | 630 |
| NWC days | — | 2,831 | 8,858 | 5,702 | 8,809 | 3,749 | 985 | 8,559 |
| Leverage | ||||||||
| Current ratio | 1.07 | 1.13 | 1.12 | 1.13 | 1.09 | 1.06 | 1.25 | 1.15 |
| Debt to EBITDA | 3.69 | 2.7 | 4.59 | 2.85 | 5.7 | 7.38 | 3.72 | 2.3 |
| Debt to equity | 1.14 | 1.31 | 1.27 | 1.07 | 0.83 | 0.79 | 0.25 | 0.21 |
| Interest coverage | 2.9 | 1.7 | 1.1 | 1.2 | 1.5 | 1.3 | 1.8 | 4 |
| Asset turnover | 0.32 | 0.36 | 0.19 | 0.24 | 0.27 | 0.23 | 0.25 | 0.29 |
| Return ratios | ||||||||
| Return on assets % | 2.7% | 2.7% | 0.6% | 1% | 0.8% | 0.4% | 0.7% | 1.6% |
| Return on capital employed % | 25.2% | 48.6% | 25.5% | 33.7% | 13.5% | 10.2% | 8.2% | 10.2% |
| Return on equity % | 13.8% | 12.7% | 2.9% | 5% | 4.1% | 2% | 2.5% | 6.4% |
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.