Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 48.5% | 50.8% | 49.6% | 47.6% | 48.7% | 42.5% | 43.2% | 44.7% |
| EBITDA margin % | 21.4% | 20.9% | 17.2% | 8.5% | 13.8% | 3.3% | 1.2% | 6.3% |
| EBIT margin % | 17.9% | 16.1% | 12% | 4.3% | 10% | -1.7% | -6.6% | -0.6% |
| PAT margin % | 11% | 9.1% | 6.3% | 1.6% | 1.4% | -3.2% | -5.2% | 0.1% |
| Working capital | ||||||||
| Receivable days | 89 | 108 | 121 | 134 | 147 | 167 | 131 | 83 |
| Inventory days | 56 | 44 | 64 | 62 | 54 | 52 | 93 | 105 |
| Payable days | 264 | 213 | 327 | 319 | 277 | 366 | 315 | 162 |
| NWC days | -120 | -60 | -142 | -123 | -76 | -147 | -91 | 27 |
| Leverage | ||||||||
| Current ratio | 0.92 | 0.92 | 0.96 | 0.99 | 0.95 | 0.88 | 0.72 | 1.14 |
| Debt to EBITDA | 1.33 | 1.63 | 3.03 | 6.03 | 4.01 | 17.98 | 43.44 | 7.68 |
| Debt to equity | 0.87 | 0.9 | 1.18 | 1.4 | 1.58 | 1.35 | 0.83 | 0.77 |
| Interest coverage | 9.5 | 3.9 | 2.9 | 1.3 | 2.5 | 0.4 | -0.1 | 1.1 |
| Asset turnover | 0.82 | 0.78 | 0.61 | 0.68 | 0.7 | 0.56 | 0.54 | 0.61 |
| Return ratios | ||||||||
| Return on assets % | 9% | 7.1% | 3.9% | 1.1% | 1% | -1.8% | -2.8% | 0% |
| Return on capital employed % | 44.2% | 33.1% | 20.9% | 9.6% | 25.1% | 4.2% | -0.7% | 7.6% |
| Return on equity % | 33.7% | 24% | 14.3% | 4.4% | 4% | -7.4% | -8.1% | 0.1% |
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.