Standalone figures
| Ratio | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Margins | ||||
| Gross margin % | 6.6% | 8.8% | 12.6% | 11.9% |
| EBITDA margin % | 3.2% | 4.9% | 7.7% | 7.3% |
| EBIT margin % | 3% | 4.6% | 7.4% | 6.8% |
| PAT margin % | 1.5% | 2.4% | 3.2% | 3.3% |
| Working capital | ||||
| Receivable days | 64 | 96 | — | 109 |
| Inventory days | 63 | 73 | 114 | 128 |
| Payable days | 78 | 49 | — | 91 |
| NWC days | 50 | 120 | — | 146 |
| Leverage | ||||
| Current ratio | 1.68 | 1.51 | 1.29 | 1.08 |
| Debt to EBITDA | 2.32 | 4.73 | — | 5.74 |
| Debt to equity | 0.34 | 0.96 | — | 1.84 |
| Interest coverage | 2.8 | 2.7 | 2.5 | 2.1 |
| Asset turnover | 1.98 | 1.63 | 1.26 | 1.12 |
| Return ratios | ||||
| Return on assets % | 3% | 4% | 4% | 3.7% |
| Return on capital employed % | 13.1% | 20.4% | 30.3% | 33.1% |
| Return on equity % | 7% | 10.2% | — | 14.4% |
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.