Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 20.4% | 19% | 18% | 13.6% | 13.1% | 14.9% | 15.7% | 19% |
| EBITDA margin % | 4.2% | 6.2% | 9% | 3.9% | 4.8% | 6% | 6.7% | 11.2% |
| EBIT margin % | 3.6% | 4.4% | 7.1% | 2.7% | 3.8% | 5% | 5.8% | 10.3% |
| PAT margin % | 0.9% | 1.2% | 3.2% | 0.9% | 1.7% | 2.4% | 2.8% | 6.3% |
| Working capital | ||||||||
| Receivable days | — | — | 1 | 0 | 0 | 3 | 0 | 0 |
| Inventory days | — | — | 330 | 276 | 215 | 223 | 242 | 249 |
| Payable days | — | — | 46 | 46 | 37 | 21 | 27 | 24 |
| NWC days | — | — | 285 | 230 | 178 | 205 | 215 | 226 |
| Leverage | ||||||||
| Current ratio | — | — | 1.69 | 1.49 | 1.55 | 1.65 | 1.56 | 1.65 |
| Debt to EBITDA | — | — | 2.91 | 7.03 | 4.23 | 3.86 | 3.98 | 2.19 |
| Debt to equity | — | — | 0.66 | 0.95 | 0.86 | 0.88 | 1.05 | 0.93 |
| Interest coverage | 1.5 | 1.5 | 2.2 | 1.6 | 2.2 | 2.4 | 2.8 | 4.9 |
| Asset turnover | — | — | 1.1 | 1.26 | 1.61 | 1.57 | 1.47 | 1.52 |
| Return ratios | ||||||||
| Return on assets % | — | — | 3.5% | 1.2% | 2.7% | 3.7% | 4.1% | 9.5% |
| Return on capital employed % | — | — | 18.2% | 9.8% | 15.5% | 18.2% | 21.6% | 39.2% |
| Return on equity % | — | — | 8.1% | 3.2% | 7% | 8.9% | 10.8% | 23.7% |
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.