Standalone figures
| Ratio | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross margin % | 57.3% | 53.3% | 50.1% | 50.3% | 45.1% | 47.2% |
| EBITDA margin % | 28.1% | 24% | 22.1% | 20% | 14.5% | 17.5% |
| EBIT margin % | 15.6% | 14.7% | 14.9% | 12.6% | 7.5% | 10.8% |
| PAT margin % | 6.3% | 7.3% | 8% | 6.2% | 2.4% | 4.6% |
| Working capital | ||||||
| Receivable days | 56 | 49 | 45 | 46 | 50 | 52 |
| Inventory days | 220 | 220 | 162 | 192 | 156 | 172 |
| Payable days | 195 | 165 | 139 | 153 | 175 | 148 |
| NWC days | 81 | 104 | 68 | 85 | 31 | 75 |
| Leverage | ||||||
| Current ratio | 0.96 | 1.03 | 1.15 | 1.03 | 0.94 | 0.97 |
| Debt to EBITDA | 1.62 | 1.35 | 1.5 | 2.19 | 2.98 | 3.17 |
| Debt to equity | 0.72 | 0.63 | 0.72 | 0.91 | 0.59 | 0.89 |
| Interest coverage | 2.4 | 4 | 3.9 | 2.7 | 1.7 | 2.2 |
| Asset turnover | 0.65 | 0.82 | 0.9 | 0.77 | 0.63 | 0.64 |
| Return ratios | ||||||
| Return on assets % | 4.1% | 6% | 7.1% | 4.7% | 1.5% | 2.9% |
| Return on capital employed % | 16.2% | 20.3% | 22.5% | 16.2% | 8.9% | 11.4% |
| Return on equity % | 9.9% | 14% | 17.3% | 12.8% | 3.3% | 7.4% |
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.