Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 37.6% | 38.1% | 37.9% | 32.4% | ||||
| 30.8% |
| 32.4% |
| 32.9% |
| 33% |
| EBITDA margin % | 11.9% | 10.9% | 15% | 12.7% | 9.5% | 10% | 9.9% | 9.9% |
| EBIT margin % | 10.4% | 8.6% | 12.6% | 10.8% | 7.7% | 8.1% | 8% | 7.9% |
| PAT margin % | 7.9% | 7.8% | 10% | 8.6% | 6.4% | 6.9% | 6.9% | 7.6% |
| Working capital | ||||||||
| Receivable days | 15 | 10 | 20 | 20 | 21 | 23 | 21 | 13 |
| Inventory days | 111 | 117 | 148 | 115 | 116 | 99 | 100 | 107 |
| Payable days | 3 | 7 | 90 | 93 | 83 | 78 | 76 | 70 |
| NWC days | 123 | 120 | 77 | 43 | 54 | 44 | 45 | 49 |
| Leverage | ||||||||
| Current ratio | 1.51 | 1.49 | 1.92 | 1.81 | 1.84 | 1.84 | 1.85 | 1.7 |
| Debt to EBITDA | 0.03 | — | 0.31 | 0.23 | 0 | 0 | 0 | 0 |
| Debt to equity | 0.01 | — | 0.1 | 0.07 | 0 | 0 | 0 | 0 |
| Interest coverage | 73.6 | 46.7 | 20.7 | 31 | 44.1 | 38.4 | 47.5 | 61.9 |
| Asset turnover | 1.4 | 1.34 | 1.18 | 1.32 | 1.51 | 1.49 | 1.58 | 1.53 |
| Return ratios | ||||||||
| Return on assets % | 11% | 10.4% | 11.8% | 11.4% | 9.6% | 10.3% | 10.8% | 11.6% |
| Return on capital employed % | 26.8% | 19.6% | 27.8% | 25.6% | 20.9% | 22.7% | 23.9% | 24.1% |
| Return on equity % | 18.7% | 17% | 20.1% | 19.9% | 16.3% | 17.1% | 17.9% | 18% |
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.