Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 29.3% | 30.3% | 27.6% | 29% | ||||
| 32.7% |
| 33% |
| 35.2% |
| 37.7% |
| EBITDA margin % | 8.4% | 8.1% | 4.5% | 8.8% | 11.2% | 10.2% | 9.3% | 10.7% |
| EBIT margin % | 6.5% | 6% | 2% | 7.2% | 9.7% | 8.7% | 7.7% | 9% |
| PAT margin % | 4.7% | 5.4% | -2.7% | 6.8% | 7.6% | 7.2% | 3.9% | 7.3% |
| Working capital | ||||||||
| Receivable days | 60 | 59 | 86 | 51 | 59 | 62 | 63 | 75 |
| Inventory days | 52 | 51 | 70 | 70 | 81 | 75 | 64 | 78 |
| Payable days | — | — | 87 | 60 | 51 | 43 | 62 | 100 |
| NWC days | — | — | 69 | 61 | 89 | 94 | 64 | 53 |
| Leverage | ||||||||
| Current ratio | 1.8 | 1.58 | 1.59 | 2.21 | 2.35 | 2.16 | 2.59 | 2.14 |
| Debt to EBITDA | 1.51 | 1.53 | 1.41 | 0.01 | 0.18 | 0.47 | 0.01 | 0.01 |
| Debt to equity | 0.25 | 0.26 | 0.12 | 0 | 0.05 | 0.12 | 0 | 0 |
| Interest coverage | 4.8 | 4.9 | 2.5 | 14.2 | 34.9 | 22.3 | 23.5 | 55.4 |
| Asset turnover | 1.19 | 1.24 | 1.19 | 1.68 | 1.72 | 1.7 | 1.6 | 1.35 |
| Return ratios | ||||||||
| Return on assets % | 5.5% | 6.7% | -3.2% | 11.5% | 13.1% | 12.1% | 6.2% | 9.9% |
| Return on capital employed % | 16.4% | 15.7% | 6.4% | 19.9% | 26.5% | 25.5% | 23.6% | 21.9% |
| Return on equity % | 9.1% | 11.5% | -5% | 16% | 18.3% | 17.4% | 8.4% | 14.7% |
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.