Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 30.7% | ||||
| 28.6% |
| 32.2% |
| 35% |
| 34.8% |
| EBITDA margin % | 6.1% | 8.4% | 8.3% | 7.8% | 6.5% | 7% | 7.6% | 7.1% |
| EBIT margin % | 6.1% | 5.2% | 5.1% | 4.6% | 3.7% | 4% | 4.7% | 4.5% |
| PAT margin % | 1.8% | 1.5% | 2.5% | 2.4% | 1.8% | 2.7% | 2.6% | 2.6% |
| Working capital | ||||||||
| Receivable days | — | — | — | 107 | 88 | 87 | 96 | 71 |
| Inventory days | — | — | — | 217 | 150 | 143 | 138 | 106 |
| Payable days | — | — | — | 118 | 77 | 85 | 41 | 91 |
| NWC days | — | — | — | 207 | 160 | 145 | 193 | 87 |
| Leverage | ||||||||
| Current ratio | — | — | — | 1.14 | 1.14 | 1.17 | 1.32 | 1.02 |
| Debt to EBITDA | — | — | — | 5.51 | 5.4 | 4.37 | 4.53 | 3.43 |
| Debt to equity | — | — | — | 0.94 | 0.86 | 0.71 | 0.77 | 0.64 |
| Interest coverage | 2.5 | 1.7 | 1.5 | 2.4 | 3.3 | 3.2 | 3.1 | 3.5 |
| Asset turnover | — | — | — | 0.8 | 0.96 | 0.99 | 0.92 | 1.07 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | 1.9% | 1.7% | 2.7% | 2.4% | 2.7% |
| Return on capital employed % | — | — | — | 10.3% | 9.5% | 10.5% | 10.4% | 11.4% |
| Return on equity % | — | — | — | 5.3% | 4.5% | 6.3% | 5.8% | 6.7% |
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.