Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 31.8% | 31.6% | 30.7% | 30.4% | ||||
| 33.9% |
| 37.9% |
| 36.8% |
| 37.9% |
| EBITDA margin % | 7.8% | 7% | 6.7% | 5.8% | 5.2% | 4.2% | 2.9% | 4.5% |
| EBIT margin % | 5.8% | 4.7% | 4.7% | 3.6% | 2.7% | 1.5% | 0.1% | 2.9% |
| PAT margin % | 4.1% | 4.1% | 3.4% | 2.9% | 1.8% | 1.3% | -14% | 2.4% |
| Working capital | ||||||||
| Receivable days | 36 | 33 | 15 | 32 | 30 | 32 | 29 | 29 |
| Inventory days | 54 | 50 | 72 | 92 | 107 | 112 | 80 | 74 |
| Payable days | 45 | 35 | 41 | 44 | 40 | 53 | 54 | 46 |
| NWC days | 46 | 47 | 46 | 80 | 97 | 91 | 55 | 57 |
| Leverage | ||||||||
| Current ratio | 2.82 | 2.74 | 2.34 | 1.96 | 1.99 | 2.05 | 2.1 | 2.4 |
| Debt to EBITDA | — | 0.06 | 0 | 0.72 | 1.18 | 1.05 | 0 | 0 |
| Debt to equity | — | 0.01 | 0 | 0.08 | 0.11 | 0.07 | 0 | 0 |
| Interest coverage | 573.2 | 24.1 | 24.7 | 14.8 | 7.4 | 4.6 | 1.5 | 28.9 |
| Asset turnover | 1.74 | 1.63 | 1.62 | 1.47 | 1.31 | 1.17 | 0.51 | 0.55 |
| Return ratios | ||||||||
| Return on assets % | 7.2% | 6.6% | 5.5% | 4.2% | 2.3% | 1.5% | -7.1% | 1.3% |
| Return on capital employed % | 13.8% | 10.3% | 9.8% | 7.6% | 4.7% | 2.6% | 0.2% | 2% |
| Return on equity % | 9% | 8.3% | 7% | 5.7% | 3.1% | 1.9% | -7.7% | 1.4% |
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.