Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 58.9% | 43% | 46.6% | 36.7% | 28.2% | 32.6% | 25.3% | 27.3% |
| EBITDA margin % | 3.8% | 5.4% | 4.6% | 9.4% | 12.5% | 12.8% | 9.1% | 10.1% |
| EBIT margin % | 2.6% | 3.9% | 2.1% | 7% | 11% | 10.9% | 7.9% | 8.7% |
| PAT margin % | 2.1% | 2.7% | 3.4% | 7.5% | 10.1% | 4.5% | 4.2% | 6.3% |
| Working capital | ||||||||
| Receivable days | — | — | — | — | 1 | 3 | 1 | 2 |
| Inventory days | — | — | — | — | 40 | 27 | 13 | 16 |
| Payable days | — | — | — | — | 108 | 17 | 37 | 44 |
| NWC days | — | — | — | — | -67 | 13 | -23 | -26 |
| Leverage | ||||||||
| Current ratio | — | — | — | — | 1.04 | 0.94 | 1 | 0.93 |
| Debt to EBITDA | — | — | — | — | 1.13 | 1.86 | 2.54 | 2.33 |
| Debt to equity | — | — | — | — | 0.45 | 0.49 | 0.68 | 0.59 |
| Interest coverage | 2.5 | 2.7 | 4.3 | 10.9 | 10.7 | 6 | 4.7 | 11.1 |
| Asset turnover | — | — | — | — | 1.35 | 1.19 | 1.45 | 1.28 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | — | 13.5% | 5.4% | 6.1% | 8% |
| Return on capital employed % | — | — | — | — | 32.3% | 22.5% | 22.9% | 23.9% |
| Return on equity % | — | — | — | — | 32.1% | 9.2% | 12.5% | 15.6% |
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.