Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 45% | 44.4% | 49.3% | 44.1% | ||||
| 41.8% |
| 43.5% |
| 44.5% |
| 45% |
| EBITDA margin % | 20.4% | 19.6% | 26.6% | 23.3% | 19.1% | 18.4% | 17.8% | 19.1% |
| EBIT margin % | 18.3% | 16.9% | 24.7% | 21.8% | 17.3% | 15.9% | 14.8% | 15.6% |
| PAT margin % | 12.4% | 12.4% | 18.9% | 16.1% | 13.2% | 12.8% | 12.3% | 12.8% |
| Working capital | ||||||||
| Receivable days | — | — | 81 | 83 | 55 | 72 | 70 | 84 |
| Inventory days | — | — | 56 | 69 | 97 | 127 | 129 | 111 |
| Payable days | — | — | 43 | 57 | 13 | 35 | 34 | 26 |
| NWC days | — | — | 94 | 95 | 139 | 163 | 166 | 169 |
| Leverage | ||||||||
| Current ratio | — | — | 2.43 | 2.97 | 8.77 | 5.95 | 6.68 | 5.88 |
| Debt to EBITDA | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt to equity | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest coverage | 13.7 | 13.7 | 59.2 | 61.1 | 112.9 | 107.2 | 113.3 | 100.7 |
| Asset turnover | — | — | 0.95 | 1.29 | 1.11 | 0.77 | 0.69 | 0.64 |
| Return ratios | ||||||||
| Return on assets % | — | — | 17.9% | 20.7% | 14.7% | 9.9% | 8.4% | 8.2% |
| Return on capital employed % | — | — | 28.9% | 36.8% | 22.7% | 15.2% | 12.6% | 12.7% |
| Return on equity % | — | — | 25.8% | 25.8% | 16.2% | 11.2% | 9.4% | 9.3% |
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.