Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 47.8% | 51.3% | 49.9% | 53.1% | 55.3% | 55.6% |
| EBITDA margin % | 9.4% | 2.4% | 12.1% | 11.5% | 12.9% | 11% | 11.5% | 8% |
| EBIT margin % | 9.4% | 2.4% | 7.3% | 7% | 8.8% | 6.9% | 6.2% | 2.8% |
| PAT margin % | 4.8% | 0.6% | 1.9% | 4% | 6.3% | 4.6% | 3.1% | 1.6% |
| Working capital | ||||||||
| Receivable days | 99 | 84 | 77 | 90 | 81 | 100 | 91 | 91 |
| Inventory days | 67 | 77 | 125 | 171 | 99 | 173 | 188 | 208 |
| Payable days | — | — | 150 | 186 | 109 | 133 | 156 | 170 |
| NWC days | — | — | 52 | 75 | 71 | 140 | 123 | 129 |
| Leverage | ||||||||
| Current ratio | 1.26 | — | 1.3 | 1.38 | 1.62 | 1.34 | 1.3 | 1.36 |
| Debt to EBITDA | 1.99 | 11.83 | 2.2 | 1.35 | 1.16 | 2.65 | 2.59 | 4.16 |
| Debt to equity | 0.41 | 0.51 | 0.52 | 0.3 | 0.31 | 0.46 | 0.46 | 0.43 |
| Interest coverage | 3 | 0.9 | 2.3 | 3.3 | 7.4 | 4.3 | 2.5 | 1.6 |
| Asset turnover | 1.02 | 0.85 | 0.95 | 0.98 | 1.18 | 0.83 | 0.81 | 0.71 |
| Return ratios | ||||||||
| Return on assets % | 4.9% | 0.5% | 1.8% | 3.9% | 7.5% | 3.8% | 2.5% | 1.1% |
| Return on capital employed % | 19.8% | — | 13.8% | 15% | 20% | 11.9% | 10% | 6.8% |
| Return on equity % | 10.6% | 1.1% | 3.6% | 7.6% | 12.9% | 7.2% | 4.8% | 2.1% |
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.