Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 51.6% | 54.9% | 57.2% | 55.7% | 50.8% | 49.1% | 48.4% | 50.6% |
| EBITDA margin % | 15.7% | 19.3% | 24% | 21.1% | 15.9% | 13.5% | 12% | 13.1% |
| EBIT margin % | 13.2% | 15.4% | 19.5% | 17% | 12.5% | 9.9% | 8.6% | 10.1% |
| PAT margin % | 9.7% | 12% | 14.8% | 11.7% | 9.2% | 5% | 4.6% | 5.7% |
| Working capital | ||||||||
| Receivable days | 43 | 42 | 64 | 54 | 67 | 61 | 44 | 48 |
| Inventory days | 185 | 174 | 150 | 233 | 138 | 93 | 63 | 73 |
| Payable days | — | — | — | — | 106 | 83 | 95 | 94 |
| NWC days | — | — | — | — | 98 | 71 | 12 | 27 |
| Leverage | ||||||||
| Current ratio | — | — | 1.4 | 1.44 | 1.41 | 1.34 | 1.29 | 1.34 |
| Debt to EBITDA | — | — | 0.49 | 0.74 | 1.93 | 1.91 | 2 | 1.78 |
| Debt to equity | — | — | 0.21 | 0.29 | 0.47 | 0.35 | 0.28 | 0.29 |
| Interest coverage | 53.4 | 24.5 | 19.9 | 9.5 | 5.8 | 3 | 3 | 4.2 |
| Asset turnover | 1.21 | 1.2 | 0.96 | 0.94 | 0.81 | 0.84 | 0.75 | 0.78 |
| Return ratios | ||||||||
| Return on assets % | 11.8% | 14.4% | 14.2% | 10.9% | 7.5% | 4.2% | 3.5% | 4.5% |
| Return on capital employed % | — | — | 29.5% | 28.3% | 21.3% | 11.5% | 9.7% | 13.7% |
| Return on equity % | 18.7% | 22.9% | 26.6% | 21.4% | 14% | 6.8% | 5.4% | 7.1% |
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.