Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 23.1% | 24.1% | 21.4% | 24.6% | 19.8% | 18.2% | 17.2% | 18.8% |
| EBITDA margin % | 9% | 8.6% | 7.1% | 8.5% | 6.3% | 7.5% | 7.5% | 8.9% |
| EBIT margin % | 7.4% | 6.6% | 4.9% | 6.2% | 4.8% | 6.5% | 6.7% | 7.9% |
| PAT margin % | 4.1% | -3.6% | 0.7% | 1.1% | 0.9% | 3.2% | 4.1% | 4.3% |
| Working capital | ||||||||
| Receivable days | 160 | 128 | 132 | 128 | 128 | 92 | 99 | 104 |
| Inventory days | 115 | 141 | 85 | 108 | 137 | 92 | 68 | 89 |
| Payable days | — | — | 118 | 93 | 115 | 86 | 61 | 61 |
| NWC days | — | — | 99 | 143 | 150 | 98 | 106 | 132 |
| Leverage | ||||||||
| Current ratio | 1.69 | 1.42 | 1.56 | 1.83 | 1.59 | 2.63 | 2.36 | 1.65 |
| Debt to EBITDA | 3.52 | 4.78 | 6.49 | 5.18 | 6.91 | 2.4 | 2.72 | 1.88 |
| Debt to equity | 0.51 | 0.73 | 0.68 | 0.54 | 0.73 | 0.25 | 0.32 | 0.32 |
| Interest coverage | 2.2 | 1.5 | 1.1 | 1.3 | 1.2 | 2.3 | 3.1 | 3.2 |
| Asset turnover | 0.69 | 0.63 | 0.64 | 0.61 | 0.67 | 0.85 | 0.96 | 0.91 |
| Return ratios | ||||||||
| Return on assets % | 2.8% | -2.3% | 0.4% | 0.7% | 0.6% | 2.7% | 3.9% | 3.9% |
| Return on capital employed % | 12.9% | 11.1% | 8.9% | 9.4% | 9.3% | 14.1% | 12.9% | 14% |
| Return on equity % | 6.6% | -6.4% | 1% | 1.4% | 1.5% | 4.5% | 6.4% | 8% |
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.