Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 91% | 91.3% | ||||
| 90.5% |
| 90.3% |
| 90.8% |
| 91.3% |
| EBITDA margin % | 20.3% | 5.3% | -21% | 13.5% | 24.9% | 26% | 26.4% | 11.4% |
| EBIT margin % | 16.7% | 0.1% | -35.8% | 7.5% | 21.8% | 23% | 23.5% | 7.8% |
| PAT margin % | 15.3% | 5.4% | -39.8% | 5.2% | 24.8% | 25.1% | 25.3% | 17.1% |
| Working capital | ||||||||
| Receivable days | — | — | 32 | 13 | 19 | 19 | 12 | 11 |
| Inventory days | — | — | 806 | 411 | 223 | 189 | 179 | 201 |
| Payable days | — | — | 531 | 304 | 184 | 152 | 160 | 150 |
| NWC days | — | — | 306 | 121 | 58 | 56 | 31 | 62 |
| Leverage | ||||||||
| Current ratio | — | — | 0.34 | 0.51 | 2.12 | 2.19 | 3.91 | 4.25 |
| Debt to EBITDA | — | — | — | 0.22 | 0.04 | 0.01 | 0.01 | 0 |
| Debt to equity | — | — | 0 | 0.01 | 0.01 | 0 | 0 | 0 |
| Interest coverage | 4 | 2.8 | -3 | 2.4 | 42.2 | 70.3 | 112 | 245.4 |
| Asset turnover | — | — | 0.11 | 0.26 | 0.49 | 0.47 | 0.49 | 0.43 |
| Return ratios | ||||||||
| Return on assets % | — | — | -4.5% | 1.4% | 12% | 11.8% | 12.3% | 7.4% |
| Return on capital employed % | — | — | -4.2% | 3.2% | 17.9% | 18.7% | 20.1% | 11.1% |
| Return on equity % | — | — | -5.8% | 1.7% | 14.1% | 13.7% | 13.9% | 8.3% |
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.