Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 44.6% | 39.2% | 40.3% | 38.7% | 35.5% | 34.3% | 34.3% | 33.4% |
| EBITDA margin % | 10.9% | 10.1% | 9.5% | 9.5% | 8.4% | 6.4% | 5.6% | 5.7% |
| EBIT margin % | 7.1% | 8.4% | 7.9% | 8.1% | 7.1% | 5.1% | 4.5% | 4.6% |
| PAT margin % | 5.5% | 2.6% | 5.7% | 6.5% | 6.7% | 5.3% | 5.5% | 3.6% |
| Working capital | ||||||||
| Receivable days | 56 | — | 59 | 42 | 43 | 47 | 56 | 63 |
| Inventory days | 51 | — | 79 | 75 | 60 | 72 | 106 | 67 |
| Payable days | 0 | — | 121 | 96 | 84 | 94 | 126 | 98 |
| NWC days | 107 | — | 17 | 21 | 20 | 25 | 37 | 32 |
| Leverage | ||||||||
| Current ratio | 1.2 | — | 1.65 | 1.25 | 1.4 | 1.58 | 1.38 | 1.52 |
| Debt to EBITDA | 0.65 | — | 0.6 | 0.34 | 0.13 | 0.45 | 0.48 | 0.39 |
| Debt to equity | 0.39 | — | 0.14 | 0.09 | 0.03 | 0.07 | 0.06 | 0.05 |
| Interest coverage | 3.9 | 6.7 | 8.1 | 21.6 | 23 | 17.7 | 23.4 | 13.4 |
| Asset turnover | 2.37 | 6.06 | 1.38 | 1.63 | 1.73 | 1.56 | 1.38 | 1.47 |
| Return ratios | ||||||||
| Return on assets % | 13.1% | 15.6% | 7.9% | 10.5% | 11.5% | 8.2% | 7.6% | 5.3% |
| Return on capital employed % | 16% | — | 19.6% | 25.3% | 23.9% | 17.1% | 17.6% | 14.6% |
| Return on equity % | 30.4% | — | 14.1% | 17.5% | 17.4% | 12.9% | 12.7% | 8.2% |
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.