Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 52.7% | 55% | 52.1% | 45.1% | 48.4% | 43.4% | 39.2% |
| EBITDA margin % | 21.2% | 25.1% | 23.5% | 21.3% | 16.8% | 14.5% | 13.6% | 13.6% |
| EBIT margin % | 19.7% | 22% | 20.1% | 18% | 14.1% | 11% | 10.8% | 11% |
| PAT margin % | 15.5% | 29% | 20% | 13.8% | 12.6% | 6.6% | 5.4% | 13% |
| Working capital | ||||||||
| Receivable days | 67 | 96 | 63 | 48 | 62 | 77 | 90 | 85 |
| Inventory days | 83 | 176 | 255 | 346 | 206 | 223 | 205 | 169 |
| Payable days | — | — | 18 | 27 | 22 | 22 | 45 | 58 |
| NWC days | — | — | 300 | 366 | 246 | 278 | 250 | 196 |
| Leverage | ||||||||
| Current ratio | 1.12 | 1.7 | 1.49 | 1.42 | 1.27 | 1.09 | 1.1 | 1.27 |
| Debt to EBITDA | 2.1 | 1.75 | 1.73 | 2.44 | 2.56 | 3.7 | 3.67 | 1.98 |
| Debt to equity | 0.56 | 0.46 | 0.35 | 0.48 | 0.52 | 0.7 | 0.72 | 0.43 |
| Interest coverage | 17.3 | 18.6 | 14.4 | 14.3 | 8.9 | 3.7 | 2.9 | 6.1 |
| Asset turnover | 0.67 | 0.61 | 0.54 | 0.57 | 0.73 | 0.71 | 0.73 | 0.86 |
| Return ratios | ||||||||
| Return on assets % | 10.3% | 17.7% | 10.8% | 7.9% | 9.2% | 4.7% | 3.9% | 11.2% |
| Return on capital employed % | 22.3% | 32.3% | 20.7% | 17.2% | 19.3% | 13.6% | 15.8% | 29.9% |
| Return on equity % | 19.3% | 30.2% | 17.1% | 12.8% | 15.3% | 8.6% | 7.8% | 20.9% |
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.