Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 36% | 38.6% | 36.7% | 35.7% | ||||
| 34.5% |
| 34.8% |
| 34.3% |
| 30% |
| EBITDA margin % | 12.5% | 12.6% | 11.3% | 11.5% | 10.9% | 10.2% | 9.7% | 5.6% |
| EBIT margin % | 10% | 9.4% | 7.7% | 8.7% | 8.5% | 7.5% | 7.3% | 3.1% |
| PAT margin % | 6.1% | 7.2% | 6% | 6.8% | 6.5% | 6.4% | 7.7% | 4.7% |
| Working capital | ||||||||
| Receivable days | 32 | — | 51 | 41 | 30 | 39 | 40 | 48 |
| Inventory days | 73 | — | 132 | 105 | 109 | 118 | 132 | 87 |
| Payable days | 15 | — | 27 | 35 | 32 | 29 | 31 | 31 |
| NWC days | 89 | — | 157 | 112 | 107 | 128 | 140 | 103 |
| Leverage | ||||||||
| Current ratio | — | — | 2.21 | 1.96 | 1.7 | 6.04 | 2.82 | 2.3 |
| Debt to EBITDA | 0.47 | — | 1.5 | 1.18 | 1.27 | 0.03 | 1.12 | 2.1 |
| Debt to equity | 0.14 | — | 0.24 | 0.24 | 0.24 | 0 | 0.09 | 0.09 |
| Interest coverage | 10.3 | 11.7 | 7.8 | 10.3 | 8 | 6.5 | 21.9 | 10.3 |
| Asset turnover | 1.67 | — | 1 | 1.19 | 1.2 | 0.81 | 0.71 | 0.65 |
| Return ratios | ||||||||
| Return on assets % | 10.1% | — | 6% | 8.1% | 7.7% | 5.2% | 5.4% | 3.1% |
| Return on capital employed % | — | — | 11.8% | 16.5% | 16.9% | 10.9% | 9.1% | 5.7% |
| Return on equity % | 14.8% | — | 8.7% | 11.9% | 11.2% | 5.7% | 6.5% | 3.7% |
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.