Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 56.8% | 57.8% | 50.8% | 47.5% | ||||
| 47.3% |
| 49.7% |
| 47.3% |
| 46.1% |
| EBITDA margin % | 17% | 14.1% | 15% | 10.9% | 10% | 10.8% | 9.9% | 9.1% |
| EBIT margin % | 16.1% | 12.3% | 13.3% | 9.6% | 8.3% | 9.3% | 8.5% | 7.7% |
| PAT margin % | 5.6% | 5.3% | 5.9% | 4.3% | 4.3% | 4.3% | 5.4% | 5.5% |
| Working capital | ||||||||
| Receivable days | — | — | 104 | 88 | 84 | 77 | 69 | 45 |
| Inventory days | — | — | 274 | 232 | 211 | 177 | 142 | 125 |
| Payable days | — | — | 102 | 107 | 87 | 64 | 57 | 61 |
| NWC days | — | — | 276 | 213 | 207 | 190 | 154 | 109 |
| Leverage | ||||||||
| Current ratio | — | — | 1.49 | 1.6 | 1.71 | 1.83 | 1.84 | 1.82 |
| Debt to EBITDA | — | — | 2.23 | 2.09 | 2 | 1.12 | 0.59 | 0.61 |
| Debt to equity | — | — | 0.67 | 0.48 | 0.41 | 0.25 | 0.13 | 0.12 |
| Interest coverage | 1.8 | 1.9 | 2.2 | 2.1 | 2.3 | 2.4 | 3.3 | 4.2 |
| Asset turnover | — | — | 0.8 | 0.9 | 0.94 | 1.03 | 1.09 | 1.19 |
| Return ratios | ||||||||
| Return on assets % | — | — | 4.8% | 3.9% | 4.1% | 4.4% | 5.9% | 6.5% |
| Return on capital employed % | — | — | 26.2% | 22.6% | 21.2% | 19.8% | 19.6% | 20.7% |
| Return on equity % | — | — | 11.9% | 9.1% | 8.9% | 8.8% | 11.7% | 12.3% |
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.