Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 45.8% | 46.6% | 42.2% | 44.2% | 49.9% | 49.6% | 50.6% |
| EBITDA margin % | 11.6% | 13.1% | 14.5% | 10.4% | 10.6% | 12.5% | 11.4% | 11.6% |
| EBIT margin % | 8.7% | 9.1% | 9.9% | 6.9% | 7.4% | 9% | 7.6% | 8.3% |
| PAT margin % | 5.4% | 7.6% | 5.9% | 5.5% | 6.6% | 6.9% | 5.1% | 5.7% |
| Working capital | ||||||||
| Receivable days | 43 | 36 | 44 | 29 | 24 | 26 | 25 | 32 |
| Inventory days | 99 | 183 | 201 | 180 | 160 | 164 | 158 | 152 |
| Payable days | — | — | 130 | 98 | 90 | 104 | 112 | 125 |
| NWC days | — | — | 115 | 111 | 95 | 87 | 72 | 59 |
| Leverage | ||||||||
| Current ratio | 1.39 | 1.41 | 1.5 | 1.66 | 1.61 | 1.24 | 1.17 | 1.14 |
| Debt to EBITDA | 1.44 | 1.34 | 1.36 | 1.99 | 1.68 | 1.58 | 1.83 | 1.69 |
| Debt to equity | 0.48 | 0.44 | 0.4 | 0.51 | 0.35 | 0.4 | 0.4 | 0.37 |
| Interest coverage | 6.9 | 6.6 | 7.2 | 9.3 | 7.6 | 6.1 | 4.3 | 5.4 |
| Asset turnover | 1.37 | 1.19 | 1.01 | 1.19 | 1.12 | 1.08 | 1.04 | 1.03 |
| Return ratios | ||||||||
| Return on assets % | 7.5% | 9% | 6% | 6.5% | 7.4% | 7.4% | 5.3% | 5.9% |
| Return on capital employed % | 20.1% | 22.7% | 16.9% | 16.2% | 17.6% | 18.9% | 14.6% | 15% |
| Return on equity % | 15.6% | 18.9% | 12% | 13.5% | 13.1% | 13.9% | 9.9% | 10.9% |
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.