Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 43.8% | 42.5% | 37.4% | 39.8% | ||||
| 41.3% |
| 42.4% |
| 44% |
| 40.8% |
| EBITDA margin % | 13.1% | 11.5% | -1.5% | 7.8% | 13.1% | 16.7% | 16.8% | 13.1% |
| EBIT margin % | 9.9% | 7.9% | -6.6% | 4.3% | 10.8% | 14.2% | 14.2% | 10.5% |
| PAT margin % | 6.2% | 6.2% | -6.8% | 1.9% | 8% | 10.5% | 11.3% | 8.8% |
| Working capital | ||||||||
| Receivable days | — | — | 22 | 23 | 15 | 23 | 41 | 40 |
| Inventory days | — | — | 207 | 160 | 154 | 132 | 152 | 121 |
| Payable days | — | — | 167 | 80 | 54 | 55 | 77 | 58 |
| NWC days | — | — | 61 | 102 | 115 | 100 | 115 | 103 |
| Leverage | ||||||||
| Current ratio | — | — | 0.87 | 1.08 | 1.15 | 1.51 | 2.13 | 2.73 |
| Debt to EBITDA | — | — | — | 3.49 | 1.68 | 0.73 | 0.46 | 0.43 |
| Debt to equity | — | — | 0.6 | 0.68 | 0.68 | 0.29 | 0.16 | 0.11 |
| Interest coverage | 4.5 | 3.3 | -0.6 | 1.8 | 8.5 | 10.2 | 19.4 | 16.2 |
| Asset turnover | — | — | 0.71 | 1.07 | 1.43 | 1.41 | 1.34 | 1.35 |
| Return ratios | ||||||||
| Return on assets % | — | — | -4.8% | 2% | 11.5% | 14.9% | 15% | 11.9% |
| Return on capital employed % | — | — | -4% | 10.5% | 31.5% | 34.3% | 31.1% | 22.5% |
| Return on equity % | — | — | -11.5% | 4.7% | 24.9% | 25% | 23% | 16.9% |
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.