Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 67% | 40.8% | 41.9% | 34.9% | 32.8% | 35.7% | 34.9% | 35.3% |
| EBITDA margin % | 10.9% | 13.1% | 16.1% | 11.2% | 10.7% | 11% | 10.9% | 11.1% |
| EBIT margin % | 5.2% | 6.7% | 10.5% | 6.7% | 6.8% | 6.5% | 6.8% | 6.6% |
| PAT margin % | 1.2% | 3.5% | 5% | 3.9% | 3.6% | 2.4% | 2.8% | 1.9% |
| Working capital | ||||||||
| Receivable days | — | — | — | 109 | 111 | 118 | 109 | 112 |
| Inventory days | — | — | — | 70 | 68 | 64 | 64 | 64 |
| Payable days | — | — | — | 108 | 89 | 76 | 70 | 74 |
| NWC days | — | — | — | 71 | 89 | 107 | 103 | 102 |
| Leverage | ||||||||
| Current ratio | — | — | — | 1.38 | 1.34 | 1.39 | 1.47 | 1.3 |
| Debt to EBITDA | — | — | — | 2.7 | 3.36 | 4.16 | 4.26 | 4.86 |
| Debt to equity | — | — | — | 0.64 | 0.84 | 1 | 1.11 | 1.24 |
| Interest coverage | 1.4 | 2.1 | 3.3 | 2.8 | 2.7 | 1.8 | 1.8 | 1.6 |
| Asset turnover | — | — | — | 0.96 | 0.97 | 0.88 | 0.93 | 0.86 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | 3.8% | 3.5% | 2.2% | 2.6% | 1.6% |
| Return on capital employed % | — | — | — | 11% | 12% | 10.1% | 11.8% | 10.4% |
| Return on equity % | — | — | — | 8.3% | 8.4% | 5.3% | 6.6% | 4.4% |
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.