Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 54% | 57.2% | 57.6% | ||||
| 60.9% |
| 61.7% |
| 55.1% |
| 50.8% |
| EBITDA margin % | 12% | 11.1% | 10.5% | 13.9% | 17% | 15.6% | 13.2% | 11.6% |
| EBIT margin % | 9.3% | 8.1% | 7.5% | 11.8% | 15.3% | 13.5% | 11% | 9.6% |
| PAT margin % | 1.8% | 2.3% | 4% | 7.2% | 10.6% | 9.3% | 7.3% | 7.3% |
| Working capital | ||||||||
| Receivable days | — | — | 66 | 69 | 48 | 74 | 79 | 82 |
| Inventory days | — | — | 264 | 142 | 138 | 229 | 0 | 222 |
| Payable days | — | — | 180 | 136 | 117 | 170 | 175 | 187 |
| NWC days | — | — | 151 | 75 | 69 | 133 | -96 | 116 |
| Leverage | ||||||||
| Current ratio | — | — | 1.06 | 1.13 | 1.34 | 1.69 | 1.58 | 1.67 |
| Debt to EBITDA | — | — | 5.48 | 2.48 | 1.25 | 1.37 | 1.36 | 1.75 |
| Debt to equity | — | — | 2.18 | 1.45 | 0.75 | 0.34 | 0.25 | 0.28 |
| Interest coverage | 1.6 | 1.6 | 1.9 | 4.6 | 7.3 | 6.1 | 5.1 | 5.8 |
| Asset turnover | — | — | 0.81 | 1.18 | 1.47 | 0.92 | 0.86 | 0.82 |
| Return ratios | ||||||||
| Return on assets % | — | — | 3.2% | 8.5% | 15.6% | 8.6% | 6.3% | 6% |
| Return on capital employed % | — | — | 11.5% | 26.6% | 41.5% | 23.3% | 15.9% | 15.4% |
| Return on equity % | — | — | 15% | 30.2% | 37.4% | 15% | 10.2% | 10.2% |
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.