Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 29.4% | 28.2% | 25.8% | ||||
| 23.4% |
| 26.2% |
| 27.8% |
| 27.1% |
| EBITDA margin % | 10.7% | 9.5% | 8.6% | 6.6% | 6% | 8.3% | 9.6% | 8.6% |
| EBIT margin % | 7% | 5% | 3.4% | 2.1% | 2% | 4.5% | 5.8% | 5.3% |
| PAT margin % | 3.6% | 4.2% | 2.6% | 1.5% | 1.7% | 3.2% | 4.5% | 4.4% |
| Working capital | ||||||||
| Receivable days | — | 35 | 42 | 37 | 27 | 34 | 49 | 56 |
| Inventory days | — | 61 | 80 | 70 | 57 | 60 | 56 | 60 |
| Payable days | — | 100 | 146 | 107 | 83 | 81 | 84 | 82 |
| NWC days | — | -4 | -24 | -1 | 2 | 13 | 21 | 34 |
| Leverage | ||||||||
| Current ratio | — | 0.94 | 1.07 | 1.1 | 1.1 | 1.29 | 1.45 | 1.61 |
| Debt to EBITDA | — | 0.6 | 0.16 | 0.17 | 0.08 | 0 | 0 | 0.09 |
| Debt to equity | — | 0.15 | 0.03 | 0.03 | 0.02 | 0 | 0 | 0.02 |
| Interest coverage | 3.8 | 3.3 | 4.4 | 5.2 | 11.5 | 13.1 | 18.7 | 24.7 |
| Asset turnover | — | 1.44 | 1.24 | 1.49 | 1.82 | 1.86 | 1.81 | 1.76 |
| Return ratios | ||||||||
| Return on assets % | — | 6.1% | 3.2% | 2.2% | 3.1% | 5.9% | 8.1% | 7.8% |
| Return on capital employed % | — | 14.6% | 8.6% | 6.5% | 8.6% | 15.6% | 19.7% | 18.8% |
| Return on equity % | — | 11.2% | 5.9% | 4% | 5.5% | 10.2% | 13.7% | 13.3% |
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.