Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 54.3% | 53.2% | 56.1% | 56.5% | 55% | 51% | 47% |
| EBITDA margin % | 11% | 11.5% | 14.8% | 15.8% | 16.9% | 14.9% | 11.5% | 8% |
| EBIT margin % | 9% | 8.9% | 12% | 13.7% | 14.4% | 11.1% | 7.8% | 4.7% |
| PAT margin % | 6.1% | 6.4% | 7.7% | 10.1% | 10.5% | 7.9% | 6% | 3.3% |
| Working capital | ||||||||
| Receivable days | 62 | 55 | 81 | 63 | 63 | 51 | 45 | 42 |
| Inventory days | 103 | 158 | 162 | 180 | 119 | 192 | 210 | 133 |
| Payable days | 13 | 18 | 31 | 35 | 18 | 24 | 44 | 30 |
| NWC days | 152 | 195 | 212 | 209 | 163 | 219 | 211 | 145 |
| Leverage | ||||||||
| Current ratio | 1.73 | 1.94 | 1.73 | 1.57 | 1.64 | 1.63 | 1.39 | 1.17 |
| Debt to EBITDA | 2.28 | 1.57 | 1.92 | 1.98 | 1.73 | 1.97 | 2.23 | 3.64 |
| Debt to equity | 0.36 | 0.27 | 0.4 | 0.56 | 0.48 | 0.41 | 0.4 | 0.57 |
| Interest coverage | 3.8 | 3.6 | 7.2 | 15.3 | 11.2 | 6.1 | 4.6 | 3 |
| Asset turnover | 0.99 | 1.05 | 0.9 | 1.03 | 1.01 | 0.91 | 0.99 | 1.1 |
| Return ratios | ||||||||
| Return on assets % | 6% | 6.7% | 7% | 10.4% | 10.6% | 7.2% | 6% | 3.6% |
| Return on capital employed % | 14.2% | 15.2% | 18% | 28.7% | 26% | 18.3% | 15.9% | 11.6% |
| Return on equity % | 8.8% | 9.5% | 10.9% | 18.2% | 17.1% | 11.1% | 9.6% | 6.3% |
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.