Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 53% | 57% | 55.5% | 54.4% | ||||
| 53.5% |
| 52.2% |
| 50.2% |
| 44% |
| EBITDA margin % | 22.5% | 25% | 23.9% | 21.8% | 19.7% | 19.1% | 16.6% | 14.4% |
| EBIT margin % | 19.4% | 19.1% | 17.6% | 16.2% | 15.5% | 14.9% | 12.6% | 10.9% |
| PAT margin % | 5.5% | -36.5% | 5.5% | 7.2% | 5% | 16.2% | 7.9% | 5.7% |
| Working capital | ||||||||
| Receivable days | — | — | 93 | 95 | 102 | 130 | 99 | 78 |
| Inventory days | — | — | 166 | 148 | 147 | 157 | 167 | 163 |
| Payable days | — | — | 101 | 130 | 139 | 138 | 164 | 127 |
| NWC days | — | — | 159 | 112 | 110 | 149 | 102 | 114 |
| Leverage | ||||||||
| Current ratio | — | — | 1.21 | 1.12 | 1.25 | 1.16 | 1.13 | 1.15 |
| Debt to EBITDA | — | — | 3.88 | 3.54 | 3.91 | 3.2 | 3.41 | 3.52 |
| Debt to equity | — | — | 1.42 | 1.13 | 0.88 | 0.59 | 0.56 | 0.58 |
| Interest coverage | 1.8 | 1.8 | 1.6 | 2.1 | 1.8 | 2.1 | 2.3 | 2.6 |
| Asset turnover | — | — | 0.51 | 0.55 | 0.5 | 0.5 | 0.51 | 0.58 |
| Return ratios | ||||||||
| Return on assets % | — | — | 2.8% | 3.9% | 2.5% | 8.1% | 4% | 3.3% |
| Return on capital employed % | — | — | 13% | 14% | 12.8% | 12.9% | 11.5% | 12.8% |
| Return on equity % | — | — | 8.4% | 10.6% | 5.7% | 15.7% | 7.9% | 6.5% |
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.