Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 69.9% | 74.2% | 65.8% | 65.3% | 62.2% | 66.6% | 62.6% | 60.1% |
| EBITDA margin % | 8.9% | 13.2% | 13.3% | 12.4% | 11.3% | 11.5% | 12.2% | 13.3% |
| EBIT margin % | 5.6% | 10.2% | 10.3% | 10.2% | 9.6% | 10.1% | 10.8% | 11.4% |
| PAT margin % | 1.6% | 2.9% | 3.6% | 3.7% | 4.4% | 6.1% | 7.6% | 7.9% |
| Working capital | ||||||||
| Receivable days | — | 57 | 49 | 32 | 16 | 25 | 26 | 33 |
| Inventory days | — | 176 | 125 | 128 | 115 | 119 | 119 | 101 |
| Payable days | — | 431 | 239 | 182 | 205 | 173 | 163 | 200 |
| NWC days | — | -197 | -66 | -21 | -74 | -29 | -18 | -67 |
| Leverage | ||||||||
| Current ratio | — | 1.05 | 1.21 | 1.38 | 1.3 | 1.45 | 2.05 | 1.64 |
| Debt to EBITDA | — | 2.87 | 3.3 | 2.93 | 2.67 | 1.63 | 0.85 | 1.77 |
| Debt to equity | — | 1.15 | 1.21 | 1.08 | 0.95 | 0.64 | 0.23 | 0.5 |
| Interest coverage | 1.2 | 1.6 | 1.8 | 1.9 | 2.3 | 3.6 | 5.7 | 5.1 |
| Asset turnover | — | 0.88 | 0.86 | 1 | 1.08 | 1.42 | 1.27 | 0.98 |
| Return ratios | ||||||||
| Return on assets % | — | 2.5% | 3.1% | 3.7% | 4.7% | 8.7% | 9.7% | 7.7% |
| Return on capital employed % | — | 28% | 26.7% | 25.1% | 25.9% | 33.5% | 30% | 24.3% |
| Return on equity % | — | 8.7% | 9.9% | 11% | 13.8% | 21% | 17.1% | 16.6% |
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.