Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 24.5% | 24.6% | 18% | ||||
| 19.9% |
| 25.2% |
| 29% |
| 29.6% |
| EBITDA margin % | 6.6% | 6.8% | 8.7% | 5.3% | 7.8% | 9.4% | 14.6% | 13.1% |
| EBIT margin % | 4.6% | 4.1% | 6.3% | 4% | 6.1% | 7.6% | 13.3% | 12.1% |
| PAT margin % | 0.6% | 0.1% | 1% | 1.2% | 2.7% | 3.2% | 9.6% | 9.4% |
| Working capital | ||||||||
| Receivable days | 162 | 216 | 203 | 163 | 169 | 171 | 146 | 130 |
| Inventory days | 82 | 138 | 130 | 96 | 82 | 94 | 105 | 121 |
| Payable days | — | — | — | — | 113 | 90 | 105 | 65 |
| NWC days | — | — | — | — | 138 | 176 | 146 | 187 |
| Leverage | ||||||||
| Current ratio | 1.3 | 1.33 | 1.44 | 1.35 | 1.4 | 1.81 | 2.24 | 1.8 |
| Debt to EBITDA | 4.25 | 6.16 | 4 | 5.28 | 3.04 | 2.09 | 0.92 | 1.35 |
| Debt to equity | 0.71 | 0.87 | 0.76 | 0.91 | 0.84 | 0.46 | 0.21 | 0.29 |
| Interest coverage | 1.2 | 1 | 1.2 | 1.5 | 2 | 2.1 | 6 | 7.7 |
| Asset turnover | 0.99 | 0.76 | 0.81 | 1.05 | 1.18 | 1.13 | 0.95 | 0.96 |
| Return ratios | ||||||||
| Return on assets % | 0.6% | 0.1% | 0.8% | 1.2% | 3.2% | 3.6% | 9.2% | 9% |
| Return on capital employed % | 13.4% | 12.1% | 14% | 15.2% | 21.7% | 19.9% | 30.7% | 24.6% |
| Return on equity % | 1.5% | 0.2% | 2.1% | 3.8% | 9.7% | 7.6% | 15.5% | 15.7% |
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.