Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 70.3% | 43.3% | 38.5% | 43.1% | 38.7% | 40.1% | 42.7% | 44.2% |
| EBITDA margin % | 9.2% | 7.9% | 6% | 9.6% | 6.6% | 5.3% | 5.6% | 7.3% |
| EBIT margin % | 6.8% | 5.3% | 2.7% | 7% | 4.3% | 2.4% | 2.8% | 4.3% |
| PAT margin % | 3.2% | 4.7% | 4.5% | 4.9% | 3.2% | 1.5% | 2.7% | 2.4% |
| Working capital | ||||||||
| Receivable days | — | — | 101 | 84 | 92 | 90 | 103 | 96 |
| Inventory days | — | — | 164 | 208 | 154 | 148 | 180 | 173 |
| Payable days | — | — | 119 | 137 | 102 | 70 | 102 | 92 |
| NWC days | — | — | 146 | 156 | 145 | 168 | 181 | 176 |
| Leverage | ||||||||
| Current ratio | — | — | 1.53 | 1.47 | 1.45 | 1.62 | 1.62 | 1.73 |
| Debt to EBITDA | — | — | 4.59 | 2.3 | 3.35 | 4.95 | 4.86 | 3.04 |
| Debt to equity | — | — | 0.36 | 0.34 | 0.37 | 0.36 | 0.35 | 0.28 |
| Interest coverage | 2.7 | 2.6 | 3.6 | 6 | 3.5 | 1.9 | 1.8 | 2.6 |
| Asset turnover | — | — | 0.75 | 0.85 | 0.95 | 0.84 | 0.77 | 0.81 |
| Return ratios | ||||||||
| Return on assets % | — | — | 3.4% | 4.1% | 3% | 1.3% | 2% | 1.9% |
| Return on capital employed % | — | — | 9.7% | 13.2% | 9.9% | 5.4% | 6.3% | 8.7% |
| Return on equity % | — | — | 5.9% | 7.5% | 5.4% | 2.1% | 3.4% | 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.