Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 54.5% | 52.3% | 51.1% | 55% | ||||
| 59.1% |
| 54.4% |
| 53.3% |
| 50% |
| EBITDA margin % | 12.5% | 15.4% | 14.6% | 18.9% | 20.2% | 13.6% | 10.4% | 11.1% |
| EBIT margin % | 9.2% | 11.9% | 11.3% | 16.2% | 17.9% | 10.9% | 7.8% | 9.4% |
| PAT margin % | 6.4% | 9.8% | 9% | 13% | 12.9% | 9.2% | 7.3% | 7.9% |
| Working capital | ||||||||
| Receivable days | — | — | — | 71 | 81 | 80 | 103 | 121 |
| Inventory days | — | — | — | 257 | 299 | 322 | 424 | 321 |
| Payable days | — | — | — | 48 | 47 | 112 | 152 | 147 |
| NWC days | — | — | — | 280 | 333 | 291 | 375 | 295 |
| Leverage | ||||||||
| Current ratio | — | — | — | 6.5 | 7.26 | 5.07 | 2.99 | 2.67 |
| Debt to EBITDA | — | — | — | 0.07 | 0.1 | 0.12 | 1.55 | 1.22 |
| Debt to equity | — | — | — | 0.02 | 0.03 | 0.02 | 0.17 | 0.17 |
| Interest coverage | 8.2 | 11.8 | 20.2 | 29.8 | 25.6 | 15.9 | 9.6 | 10.8 |
| Asset turnover | — | — | — | 1.22 | 1.14 | 0.86 | 0.73 | 0.85 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | 15.9% | 14.6% | 8% | 5.3% | 6.7% |
| Return on capital employed % | — | — | — | 24.8% | 25.1% | 14.2% | 11.6% | 14.4% |
| Return on equity % | — | — | — | 18.6% | 17.1% | 9.8% | 7.6% | 10% |
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.