Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 46.3% | 50.2% | 47.5% | 42.4% | 37.1% | 39.8% | 38.5% | 34.7% |
| EBITDA margin % | 14.7% | 19% | 18.2% | 13.3% | 7% | 12.5% | 10.5% | 5.2% |
| EBIT margin % | 7.3% | 11.7% | 12.6% | 9.2% | 2.6% | 8.9% | 7.3% | 1.8% |
| PAT margin % | 2.6% | 8.9% | 8.8% | 5.9% | 2.7% | 7.4% | 5.9% | 3.2% |
| Working capital | ||||||||
| Receivable days | 57 | 52 | 46 | 44 | 39 | 29 | 32 | 24 |
| Inventory days | 112 | 146 | 125 | 101 | 128 | 116 | 106 | 102 |
| Payable days | — | 1 | 74 | 54 | 68 | 38 | 41 | 45 |
| NWC days | — | 196 | 97 | 91 | 99 | 107 | 96 | 80 |
| Leverage | ||||||||
| Current ratio | 1.15 | 1.15 | 1.26 | 1.33 | 1.45 | 1.64 | 1.63 | 1.71 |
| Debt to EBITDA | 2.83 | 1.98 | 1.29 | 1.47 | 2.3 | 1.91 | 1.81 | 2.9 |
| Debt to equity | 0.9 | 0.71 | 0.42 | 0.38 | 0.26 | 0.52 | 0.42 | 0.28 |
| Interest coverage | 5.1 | 7 | 8.2 | 8.6 | 4.7 | 9.7 | 6.1 | 4.8 |
| Asset turnover | 0.86 | 0.86 | 0.98 | 1.08 | 0.95 | 1.08 | 1.15 | 1.05 |
| Return ratios | ||||||||
| Return on assets % | 2.3% | 7.6% | 8.6% | 6.3% | 2.5% | 7.9% | 6.8% | 3.3% |
| Return on capital employed % | 11.1% | 16.3% | 20.5% | 16.7% | 6.8% | 18.2% | 14.5% | 6.6% |
| Return on equity % | 5.7% | 16.9% | 15.8% | 11.3% | 4.3% | 15.9% | 13% | 5.9% |
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.