Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 17.9% | 15.7% | 10.4% | 11.1% | 10.5% |
| EBITDA margin % | 7.5% | 8% | 9.1% | 10.4% | 8.8% | 7% | 7.6% | 7% |
| EBIT margin % | 4.6% | 5.6% | 6.4% | 8.3% | 6.6% | 4.7% | 5.5% | 5.1% |
| PAT margin % | 1.8% | 2.3% | 1.9% | 4.5% | 3.4% | 1.5% | 1.6% | 2% |
| Working capital | ||||||||
| Receivable days | 90 | 86 | — | 93 | 108 | 129 | 126 | 148 |
| Inventory days | 24 | 20 | — | 28 | 22 | 26 | 31 | 16 |
| Payable days | 62 | 42 | — | 40 | 33 | 26 | 34 | — |
| NWC days | 52 | 64 | — | 81 | 97 | 129 | 124 | — |
| Leverage | ||||||||
| Current ratio | 1.5 | 1.56 | — | 1.57 | 1.79 | 1.83 | 1.94 | 2.37 |
| Debt to EBITDA | 4.37 | 3.29 | — | 2.34 | 2.34 | 3.77 | 2.52 | 2 |
| Debt to equity | 1.51 | 1.38 | — | 1.13 | 0.81 | 0.92 | 0.62 | 0.35 |
| Interest coverage | 1.8 | 2.4 | 1.9 | 3.5 | 2.8 | 1.8 | 2.1 | 2.1 |
| Asset turnover | 1.35 | 1.68 | — | 1.76 | 1.79 | 1.57 | 1.62 | 1.58 |
| Return ratios | ||||||||
| Return on assets % | 2.4% | 3.9% | — | 7.9% | 6.1% | 2.3% | 2.5% | 3.2% |
| Return on capital employed % | 9.8% | 15.8% | — | 25.7% | 20.2% | 12.5% | 14.6% | 12.8% |
| Return on equity % | 8.2% | 12.2% | — | 20.6% | 13.5% | 5.1% | 5% | 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.