Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 28.7% | 26.1% | 28.2% | 28.7% | ||||
| 26.9% |
| 30% |
| 28.8% |
| 26.5% |
| EBITDA margin % | 16.1% | 14.4% | 14.8% | 14.4% | 11% | 14.1% | 13% | 11.8% |
| EBIT margin % | 13.8% | 12.2% | 12.5% | 12.1% | 8.2% | 11.1% | 9.8% | 9% |
| PAT margin % | 13.3% | 10.7% | 9.8% | 10.6% | 5.9% | 7.7% | 6.4% | 5.5% |
| Working capital | ||||||||
| Receivable days | — | — | 19 | 10 | 10 | 8 | 10 | 10 |
| Inventory days | — | — | 251 | 232 | 248 | 267 | 295 | 248 |
| Payable days | — | — | 63 | 33 | 38 | 26 | 26 | 22 |
| NWC days | — | — | 207 | 210 | 220 | 250 | 279 | 236 |
| Leverage | ||||||||
| Current ratio | — | — | 1.63 | 1.6 | 1.31 | 1.43 | 1.29 | 1.13 |
| Debt to EBITDA | — | — | 1.74 | 1.73 | 3.67 | 2.55 | 3.73 | 4.28 |
| Debt to equity | — | — | 0.48 | 0.44 | 0.65 | 0.61 | 0.73 | 0.81 |
| Interest coverage | 15.5 | 9.6 | 16.2 | 20.5 | 9.2 | 8.3 | 6 | 7.8 |
| Asset turnover | — | — | 1.05 | 1.08 | 0.86 | 0.94 | 0.79 | 0.77 |
| Return ratios | ||||||||
| Return on assets % | — | — | 10.3% | 11.5% | 5.1% | 7.3% | 5% | 4.3% |
| Return on capital employed % | — | — | 22.1% | 21.6% | 13.9% | 19.2% | 13.9% | 12.7% |
| Return on equity % | — | — | 18.3% | 18.7% | 9.6% | 13.2% | 9.6% | 8.9% |
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.