Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 57.1% | 57% | 59.4% | 58.4% | ||||
| 62.7% |
| 62.4% |
| 60.7% |
| 61.8% |
| EBITDA margin % | 13.9% | 16.8% | 15.5% | 16% | 19.6% | 17.4% | 16.9% | 18.4% |
| EBIT margin % | 8.9% | 9.3% | 5.3% | 8.6% | 12% | 12% | 12.6% | 14% |
| PAT margin % | 5.4% | 6% | 0.2% | 3.4% | 5.3% | 6.1% | 8.3% | 7.9% |
| Working capital | ||||||||
| Receivable days | 108 | 91 | 118 | 108 | 71 | 104 | 174 | 170 |
| Inventory days | 43 | 58 | 103 | 73 | 53 | 58 | 37 | 55 |
| Payable days | 2 | 8 | 432 | 349 | 340 | 397 | 343 | 356 |
| NWC days | 149 | 141 | -211 | -168 | -215 | -235 | -132 | -132 |
| Leverage | ||||||||
| Current ratio | 1.36 | 1.47 | 1.37 | 1.43 | 1.45 | 1.78 | 1.86 | 1.71 |
| Debt to EBITDA | 0.95 | 1.08 | 2.1 | 1.54 | 1.04 | 1 | 1.12 | 1.15 |
| Debt to equity | 0.28 | 0.3 | 0.31 | 0.34 | 0.34 | 0.22 | 0.25 | 0.25 |
| Interest coverage | 4 | 2.6 | 1.1 | 1.9 | 2.5 | 2.7 | 3.6 | 3.5 |
| Asset turnover | 0.87 | 0.65 | 0.39 | 0.56 | 0.69 | 0.61 | 0.65 | 0.6 |
| Return ratios | ||||||||
| Return on assets % | 4.7% | 3.8% | 0.1% | 1.9% | 3.6% | 3.7% | 5.4% | 4.7% |
| Return on capital employed % | 19.5% | 13.6% | 5.5% | 9.4% | 16.1% | 15.9% | 17.4% | 15.7% |
| Return on equity % | 11.3% | 9.8% | 0.2% | 4.6% | 8.8% | 7.5% | 10.7% | 9.4% |
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.