Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 48.1% | 48.6% | 48.5% | 46.5% | 44.1% | 46.1% | 45.3% | 45.8% |
| EBITDA margin % | 21.8% | 21.9% | 21.7% | 21.2% | 19.6% | 20.1% | 18.8% | 19% |
| EBIT margin % | 20.1% | 19.8% | 19.7% | 19.2% | 17.4% | 17.8% | 16.1% | 16.2% |
| PAT margin % | 20.2% | 18.6% | 19.2% | 17.5% | 15.8% | 16.5% | 15.5% | 15.9% |
| Working capital | ||||||||
| Receivable days | 25 | 22 | 14 | 20 | 24 | 29 | 24 | 18 |
| Inventory days | 82 | 91 | 110 | 103 | 92 | 85 | 95 | 98 |
| Payable days | — | — | 146 | 132 | 137 | 152 | 172 | 188 |
| NWC days | — | — | -22 | -8 | -21 | -39 | -53 | -72 |
| Leverage | ||||||||
| Current ratio | 1.4 | 2.26 | 1.39 | 1.14 | 0.85 | 1.19 | 1.28 | 1.56 |
| Debt to EBITDA | 0.1 | 0.08 | 0.1 | 0.29 | 0.33 | 0.38 | 0.17 | 0.29 |
| Debt to equity | 0.03 | 0.02 | 0.03 | 0.09 | 0.09 | 0.1 | 0.04 | 0.07 |
| Interest coverage | 51.4 | 79.3 | 185.2 | 102.6 | 41.1 | 25.2 | 19.2 | 24.3 |
| Asset turnover | 1.12 | 1.03 | 0.96 | 0.95 | 0.93 | 0.87 | 0.82 | 0.8 |
| Return ratios | ||||||||
| Return on assets % | 22.7% | 19.2% | 18.4% | 16.7% | 14.7% | 14.3% | 12.8% | 12.7% |
| Return on capital employed % | 35.5% | 35% | 33.4% | 32.6% | 29.3% | 28.5% | 24.5% | 25.4% |
| Return on equity % | 31.9% | 25.6% | 25.6% | 24.4% | 21.8% | 21.8% | 18.9% | 19.8% |
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.