Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 34.8% | 39.3% | 33.1% | 30.2% | 32.5% | 34.5% | 35.7% |
| EBITDA margin % | 13.7% | 15% | 21% | 14.1% | 11.3% | 11.7% | 12.1% | 11.5% |
| EBIT margin % | 10.9% | 12.1% | 18.5% | 12% | 9.4% | 9.6% | 9.9% | 9.1% |
| PAT margin % | 6% | 8.3% | 13.5% | 8.7% | 6.1% | 6.3% | 7.2% | 7.5% |
| Working capital | ||||||||
| Receivable days | — | — | 96 | — | 117 | 104 | 118 | 118 |
| Inventory days | 66 | 105 | 123 | 118 | 100 | 105 | 104 | 102 |
| Payable days | — | — | — | — | 88 | 94 | 96 | 104 |
| NWC days | — | — | — | — | 129 | 115 | 127 | 116 |
| Leverage | ||||||||
| Current ratio | 1.34 | 1.49 | 1.84 | 1.49 | 1.62 | 1.73 | 1.67 | 1.7 |
| Debt to EBITDA | 2.22 | 1.35 | 0.82 | 1.62 | 1.89 | 1.78 | 1.96 | 1.61 |
| Debt to equity | 0.85 | 0.53 | 0.38 | 0.53 | 0.48 | 0.4 | 0.41 | 0.3 |
| Interest coverage | 4.4 | 6.2 | 15.9 | 13.7 | 7.3 | 7.4 | 7.7 | 7.9 |
| Asset turnover | 1.06 | 1.11 | 1.17 | 1.11 | 1.14 | 1.04 | 0.96 | 0.95 |
| Return ratios | ||||||||
| Return on assets % | 6.4% | 9.2% | 15.7% | 9.6% | 7% | 6.5% | 6.9% | 7.1% |
| Return on capital employed % | 21.3% | 22.8% | 35.5% | 24% | 18.7% | 15.6% | 15% | 12.8% |
| Return on equity % | 16.8% | 21.8% | 30% | 20.1% | 13.7% | 12.1% | 12.6% | 12% |
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.