Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | — | ||||
| — |
| — |
| — |
| — |
| EBITDA margin % | 33% | 37.8% | 29.4% | 13.9% | 9.1% | 19.4% | 24.5% | 21% |
| EBIT margin % | 25% | 28.9% | 18.6% | 3.7% | 2.5% | 13.5% | 19.2% | 11.9% |
| PAT margin % | 21.5% | 1.9% | 14.9% | 25.1% | 18.4% | 11.1% | 14% | 8.5% |
| Working capital | ||||||||
| Receivable days | 66 | — | 93 | 34 | 39 | 29 | 25 | 27 |
| Inventory days | 40 | — | 99 | 88 | 56 | 48 | 52 | 99 |
| Payable days | 80 | — | 275 | 156 | 45 | 92 | 116 | 114 |
| NWC days | 26 | — | -82 | -35 | 50 | -15 | -39 | 13 |
| Leverage | ||||||||
| Current ratio | 0.28 | — | 0.36 | 0.49 | 0.3 | 0.33 | 0.4 | 0.4 |
| Debt to EBITDA | 5.91 | — | 13.46 | 15.97 | 13.57 | 5.01 | 3.09 | 8.27 |
| Debt to equity | 1.09 | — | 2.48 | 2.27 | 1.6 | 1.24 | 0.92 | 1.25 |
| Interest coverage | 1.7 | 1.9 | 1.6 | 1.6 | 2 | 2 | 3.2 | 1.7 |
| Asset turnover | 0.21 | — | 0.14 | 0.24 | 0.37 | 0.4 | 0.42 | 0.24 |
| Return ratios | ||||||||
| Return on assets % | 4.5% | — | 2.1% | 5.9% | 6.8% | 4.4% | 6% | 2% |
| Return on capital employed % | 9.8% | — | 8% | 10.8% | 14.5% | 14.3% | 19.1% | 8.7% |
| Return on equity % | 12% | — | 9.3% | 25.6% | 23.9% | 14.1% | 17.1% | 6.1% |
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.