Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 51.4% | 51.1% | 54.3% | 52.6% | 46.5% | 45.8% | 45.3% | 47.5% |
| EBITDA margin % | 12.6% | 10.4% | 16.9% | 14.1% | 8.5% | 5.8% | 6.6% | 8.4% |
| EBIT margin % | 9.5% | 6.5% | 13.4% | 11.5% | 5.4% | 2% | 2.4% | 4.6% |
| PAT margin % | 5.9% | 4.7% | 9.7% | 8.4% | 3.3% | 0.2% | 0% | 5.2% |
| Working capital | ||||||||
| Receivable days | 50 | 49 | 33 | 35 | 30 | 33 | 44 | 35 |
| Inventory days | 180 | 216 | 174 | 159 | 158 | 188 | 158 | 146 |
| Payable days | — | — | 0 | 1 | 38 | 39 | 36 | 37 |
| NWC days | — | — | 207 | 193 | 150 | 182 | 166 | 144 |
| Leverage | ||||||||
| Current ratio | — | — | — | — | 1.51 | 1.33 | 1.34 | 1.6 |
| Debt to EBITDA | 1.57 | 2.22 | 0.6 | 0.84 | 2.79 | 6.08 | 4.74 | 2.14 |
| Debt to equity | 0.45 | 0.48 | 0.18 | 0.23 | 0.5 | 0.71 | 0.64 | 0.36 |
| Interest coverage | 6 | 4.3 | 12.7 | 14.9 | 4.5 | 1.1 | 1 | 2.5 |
| Asset turnover | 1.23 | 1.11 | 1.21 | 1.28 | 1.2 | 1.02 | 1.08 | 1.23 |
| Return ratios | ||||||||
| Return on assets % | 7.3% | 5.2% | 11.7% | 10.7% | 4% | 0.2% | 0% | 6.5% |
| Return on capital employed % | — | 7.9% | — | — | 10.5% | 4.2% | 4.8% | 8.8% |
| Return on equity % | 13.5% | 9.8% | 17.6% | 16.2% | 7.1% | 0.3% | 0% | 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.