Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 64% | 52.3% | 50.3% | 36.5% | 51.9% |
| EBITDA margin % | 22% | 24.7% | 15.4% | 17.9% | 11% | 8.8% | -2.7% | 4% |
| EBIT margin % | 17.9% | 21% | 11.9% | 13.1% | 7.2% | 6.1% | -4.4% | 0.1% |
| PAT margin % | 13.5% | 13.2% | 9.7% | 10.3% | 8.4% | 7.8% | 7.6% | 10.8% |
| Working capital | ||||||||
| Receivable days | — | — | — | 67 | 37 | 31 | 39 | 22 |
| Inventory days | — | — | — | 27 | 10 | 4 | 0 | 0 |
| Payable days | — | — | — | 109 | 51 | 28 | 51 | 19 |
| NWC days | — | — | — | -16 | -5 | 7 | -12 | 4 |
| Leverage | ||||||||
| Current ratio | — | — | — | 3.47 | 4.57 | 3.49 | 2.14 | 3.57 |
| Debt to EBITDA | — | — | — | 0.88 | 0.89 | 0.94 | — | 1.59 |
| Debt to equity | — | — | — | 0.09 | 0.06 | 0.05 | 0.06 | 0.04 |
| Interest coverage | — | 4.7 | 6.4 | 7.5 | 7.4 | 9.8 | 12.3 | 9.1 |
| Asset turnover | — | — | — | 0.42 | 0.44 | 0.51 | 0.62 | 0.48 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | 4.3% | 3.7% | 4% | 4.7% | 5.2% |
| Return on capital employed % | — | — | — | 6.8% | 5.7% | 5.8% | 8.8% | 8.1% |
| Return on equity % | — | — | — | 5.8% | 4.8% | 5.1% | 6.5% | 6.5% |
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.