Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 31% | 31% | 27.3% | 26.8% | 28.1% | 30.1% | 31.6% |
| EBITDA margin % | 7.1% | 6.8% | 6.3% | 6.8% | 5.1% | 5.7% | 7.4% | 7.4% |
| EBIT margin % | 4.9% | 4% | 2.6% | 4.2% | 3.6% | 4% | 5.5% | 5.3% |
| PAT margin % | 2.4% | 2.2% | 0.3% | 2.2% | 1.5% | 1.5% | 2.4% | 2.7% |
| Working capital | ||||||||
| Receivable days | — | — | — | — | 69 | 57 | 66 | 57 |
| Inventory days | — | — | — | — | 93 | 93 | 88 | 75 |
| Payable days | — | — | — | — | 118 | 117 | 132 | 127 |
| NWC days | — | — | — | — | 44 | 34 | 22 | 4 |
| Leverage | ||||||||
| Current ratio | — | — | — | — | 0.99 | 1.01 | 0.97 | 0.91 |
| Debt to EBITDA | — | — | — | — | 3.27 | 2.72 | 2.15 | 1.79 |
| Debt to equity | — | — | — | — | 1.01 | 0.91 | 0.81 | 0.69 |
| Interest coverage | 2.7 | 1.7 | 1.2 | 2.7 | 1.9 | 1.8 | 2.3 | 2.7 |
| Asset turnover | — | — | — | — | 1.57 | 1.61 | 1.47 | 1.55 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | — | 2.4% | 2.4% | 3.5% | 4.2% |
| Return on capital employed % | — | — | — | — | 18.3% | 18.8% | 21.1% | 22.7% |
| Return on equity % | — | — | — | — | 9.1% | 8.5% | 12.1% | 14.2% |
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.