Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 50.4% | 48.7% | 47.1% | 52% | 51.7% | 54.3% | 55.2% |
| EBITDA margin % | 13.1% | 12.5% | 17.2% | 18.7% | 19.5% | 18.1% | 16.5% | 16% |
| EBIT margin % | 11.8% | 10.1% | 13.9% | 16.5% | 16.3% | 16% | 13.9% | 12.7% |
| PAT margin % | 6.3% | 6.4% | 9.1% | 12.3% | 11.5% | 10.7% | 8.5% | 6.7% |
| Working capital | ||||||||
| Receivable days | 108 | 109 | 93 | 71 | 109 | 149 | 140 | 115 |
| Inventory days | 113 | 252 | 138 | 102 | 202 | 188 | 211 | 281 |
| Payable days | — | — | 162 | 125 | 143 | 156 | 155 | 173 |
| NWC days | — | — | 69 | 49 | 167 | 181 | 197 | 224 |
| Leverage | ||||||||
| Current ratio | 1.25 | 1.14 | 1.59 | 1.72 | 1.61 | 1.61 | 1.61 | 1.55 |
| Debt to EBITDA | 2.09 | 2.53 | 0.66 | 0.42 | 2.31 | 2.17 | 2.3 | 2.56 |
| Debt to equity | 1.27 | 0.87 | 0.32 | 0.23 | 0.9 | 0.6 | 0.52 | 0.58 |
| Interest coverage | 4.5 | 3.4 | 5.2 | 27.2 | 14 | 8.5 | 5.1 | 3.3 |
| Asset turnover | 1.25 | 0.88 | 1.24 | 1.49 | 0.8 | 0.74 | 0.7 | 0.7 |
| Return ratios | ||||||||
| Return on assets % | 7.9% | 5.6% | 11.3% | 18.4% | 9.3% | 7.9% | 6% | 4.7% |
| Return on capital employed % | 56.2% | 33% | 36% | 46.7% | 25.3% | 20.3% | 15.6% | 15.2% |
| Return on equity % | 29.2% | 17.7% | 25.5% | 35.6% | 22.9% | 16.2% | 11.6% | 9.5% |
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.