Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 36.4% | — | — | 34.2% | ||||
| 35.8% |
| 36.9% |
| 38.6% |
| 37.7% |
| EBITDA margin % | — | 13.7% | 13.4% | 12.2% | 13.3% | 9.8% | 12.8% | 11.1% |
| EBIT margin % | — | 11% | 10.7% | 9.2% | 10.1% | 7.1% | 10.3% | 8.7% |
| PAT margin % | 7.3% | 10.3% | 11.6% | 9.9% | 10.1% | 11.2% | 8.8% | 8.7% |
| Working capital | ||||||||
| Receivable days | 116 | — | — | 122 | 126 | — | 198 | 198 |
| Inventory days | 63 | — | — | 61 | 56 | — | 125 | 90 |
| Payable days | 151 | — | — | 71 | 60 | — | 121 | 121 |
| NWC days | 28 | — | — | 111 | 122 | — | 202 | 167 |
| Leverage | ||||||||
| Current ratio | — | — | — | 3.58 | 3.57 | — | 1.32 | 1.72 |
| Debt to EBITDA | — | — | — | 0.49 | 0.53 | — | 2.52 | 1.93 |
| Debt to equity | 0.06 | — | — | 0.09 | 0.09 | — | 0.39 | 0.17 |
| Interest coverage | 1.5 | 42.3 | 41.6 | 70.3 | 32.9 | 15.7 | 9.1 | 8.6 |
| Asset turnover | 1.25 | — | — | 1.04 | 0.97 | — | 0.67 | 0.55 |
| Return ratios | ||||||||
| Return on assets % | 9.1% | — | — | 10.3% | 9.8% | — | 5.8% | 4.8% |
| Return on capital employed % | 1.4% | — | — | 17.7% | 17.6% | — | 15.7% | 13.4% |
| Return on equity % | 15.7% | — | — | 14% | 12.8% | — | 10.6% | 6.8% |
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.