Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 32.8% | 30.1% | 26.8% | 22.9% | 24% | 27.2% | 24% | 25.1% |
| EBITDA margin % | 12.3% | 10.6% | 7.1% | 6.8% | 8.4% | 8% | 7.5% | 8.6% |
| EBIT margin % | 10.8% | 9.1% | 5% | 5.4% | 7.4% | 6.8% | 6.3% | 7.3% |
| PAT margin % | 4.9% | 4.1% | 1% | 1.7% | 2.9% | 2.7% | 2.4% | 3.2% |
| Working capital | ||||||||
| Receivable days | 157 | 187 | 229 | 195 | 147 | 195 | 138 | 138 |
| Inventory days | 101 | 89 | 101 | 79 | 61 | 70 | 79 | 98 |
| Payable days | 96 | 106 | 124 | 118 | 63 | 82 | 64 | 121 |
| NWC days | 162 | 170 | 206 | 155 | 146 | 183 | 153 | 115 |
| Leverage | ||||||||
| Current ratio | 1.4 | 1.29 | 1.27 | 1.41 | 1.62 | 1.45 | 1.6 | 1.25 |
| Debt to EBITDA | 2.98 | 3.4 | 5.75 | 5.35 | 3.55 | 4.75 | 4.71 | 4.51 |
| Debt to equity | 1.22 | 1.27 | 1.07 | 1.17 | 0.93 | 0.89 | 1 | 1.28 |
| Interest coverage | 2.7 | 2 | 1.2 | 1.5 | 1.9 | 1.8 | 1.7 | 2.2 |
| Asset turnover | 1.11 | 1.07 | 0.86 | 1.02 | 1.25 | 0.96 | 1.1 | 1 |
| Return ratios | ||||||||
| Return on assets % | 5.4% | 4.4% | 0.8% | 1.7% | 3.6% | 2.6% | 2.6% | 3.2% |
| Return on capital employed % | 30.9% | 26.8% | 13.2% | 16.6% | 19.9% | 15.4% | 14.5% | 18.3% |
| Return on equity % | 16.2% | 14.5% | 2.5% | 5.4% | 8.9% | 6.3% | 6.8% | 10.5% |
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.