Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 87.5% | 71.2% | 70.9% | 69.8% | ||||
| 68% |
| 72.4% |
| 71.4% |
| 71.2% |
| EBITDA margin % | 18.9% | 18.8% | 19.5% | 18.4% | 17% | 20.1% | 19.9% | 20.5% |
| EBIT margin % | 17.2% | 16.8% | 17.5% | 16.6% | 15.2% | 18.1% | 18% | 18.3% |
| PAT margin % | 12.3% | 18.8% | 15.2% | 13.7% | 12.7% | 15.4% | 14.4% | 14.9% |
| Working capital | ||||||||
| Receivable days | — | — | 77 | 81 | 64 | 73 | 74 | 84 |
| Inventory days | — | — | 218 | 198 | 171 | 243 | 209 | 273 |
| Payable days | — | — | 298 | 212 | 170 | 229 | 222 | 220 |
| NWC days | — | — | -3 | 67 | 65 | 87 | 61 | 136 |
| Leverage | ||||||||
| Current ratio | — | — | 1.8 | 2.02 | 1.33 | 1.83 | 1.75 | 2.7 |
| Debt to EBITDA | — | — | 0.49 | 0.37 | 0.62 | 0.46 | 0.21 | 0.07 |
| Debt to equity | — | — | 0.12 | 0.08 | 0.13 | 0.1 | 0.05 | 0.01 |
| Interest coverage | 14.3 | 20.3 | 21.3 | 21.1 | 18.4 | 16.4 | 16.1 | 28.2 |
| Asset turnover | — | — | 0.77 | 0.82 | 0.84 | 0.73 | 0.87 | 0.8 |
| Return ratios | ||||||||
| Return on assets % | — | — | 11.7% | 11.2% | 10.7% | 11.2% | 12.5% | 11.9% |
| Return on capital employed % | — | — | 23.9% | 22.8% | 20.7% | 23.3% | 23.7% | 22.8% |
| Return on equity % | — | — | 18.4% | 16.1% | 15.5% | 16% | 17.5% | 15.9% |
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.