Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 30.2% | 30.9% | 31.9% | 29.3% | ||||
| 28.6% |
| 32.1% |
| 27.1% |
| 26.9% |
| EBITDA margin % | 11.7% | 12.8% | 17.6% | 14.8% | 13.4% | 14.9% | 12.5% | 11.8% |
| EBIT margin % | 9.2% | 10% | 14% | 11.7% | 9.7% | 10.5% | 9% | 8% |
| PAT margin % | 9.3% | 9.7% | 10% | 9.7% | 7.7% | 9.4% | 10.3% | 6.6% |
| Working capital | ||||||||
| Receivable days | 37 | 30 | 16 | — | 17 | 15 | 13 | 18 |
| Inventory days | 284 | 345 | 274 | — | 163 | 326 | 222 | 233 |
| Payable days | — | — | — | — | 33 | 70 | 27 | 20 |
| NWC days | — | — | — | — | 147 | 271 | 208 | 232 |
| Leverage | ||||||||
| Current ratio | 1.54 | 1.39 | 1.56 | — | 2.73 | 1.63 | 2.59 | 1.58 |
| Debt to EBITDA | 4.12 | 4.58 | 2.03 | — | 1.04 | 3.31 | 2.23 | 4.08 |
| Debt to equity | 0.63 | 0.74 | 0.46 | — | 0.17 | 0.49 | 0.32 | 0.54 |
| Interest coverage | 4 | 3.9 | 6.9 | 11.9 | 10.4 | 8.2 | 6.5 | 6.1 |
| Asset turnover | 0.63 | 0.58 | 0.73 | — | 0.86 | 0.56 | 0.77 | 0.66 |
| Return ratios | ||||||||
| Return on assets % | 5.8% | 5.6% | 7.3% | — | 6.6% | 5.3% | 8% | 4.4% |
| Return on capital employed % | 13.2% | 15.7% | 18.3% | — | 11.9% | 12.1% | 10.9% | 9.7% |
| Return on equity % | 12.1% | 12.3% | 12.9% | — | 9.2% | 9.3% | 12% | 7.3% |
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.