Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 58.7% | 58.9% | 58.4% | 61.9% | 58.2% | 53.8% | 51.9% | 61.2% |
| EBITDA margin % | 14.7% | 19.5% | 17.7% | 19.5% | 18.8% | 16.4% | 17.2% | 17.4% |
| EBIT margin % | 11% | 14.4% | 12.9% | 15.1% | 15.3% | 13.7% | 15.4% | 16.1% |
| PAT margin % | 9.3% | 12.7% | 12.2% | 13.4% | 14.3% | 16.7% | 15.4% | 16.5% |
| Working capital | ||||||||
| Receivable days | 9 | 8 | 15 | 18 | 13 | 12 | 28 | 36 |
| Inventory days | 194 | 179 | 201 | 225 | 175 | 206 | 217 | 225 |
| Payable days | 3 | — | 72 | 77 | 77 | 71 | 57 | 56 |
| NWC days | 200 | — | 145 | 166 | 112 | 147 | 187 | 206 |
| Leverage | ||||||||
| Current ratio | 1.36 | 1.37 | 1.81 | 1.89 | 1.28 | 1.63 | 2.02 | 2.37 |
| Debt to EBITDA | 0.11 | 0.02 | 0.03 | 0.05 | 0.04 | 0.05 | 0.03 | 0.06 |
| Debt to equity | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
| Interest coverage | 422.7 | 18.1 | 16.1 | 17.6 | 28.3 | 43.1 | 119.6 | 166.8 |
| Asset turnover | 0.98 | 0.98 | 0.83 | 0.84 | 0.94 | 0.99 | 1.12 | 1.24 |
| Return ratios | ||||||||
| Return on assets % | 9.1% | 12.5% | 10.1% | 11.2% | 13.4% | 16.5% | 17.3% | 20.5% |
| Return on capital employed % | 19.8% | 25.3% | 19.3% | 20.7% | 25.1% | 29.2% | 33.4% | 38.2% |
| Return on equity % | 12.7% | 18.8% | 14.8% | 15.9% | 19.1% | 22.9% | 23.7% | 28.1% |
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.