Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 22% | 21.2% | 23.8% | ||||
| 22.8% |
| 25.3% |
| 25.5% |
| 31% |
| EBITDA margin % | 7.7% | 12% | 11.4% | 12.3% | 10.6% | 11.9% | 10.9% | 13.3% |
| EBIT margin % | 7.3% | 11.2% | 10.1% | 11% | 9.3% | 10.5% | 8.7% | 10.3% |
| PAT margin % | 4.2% | 5.8% | 5.4% | 6.6% | 5.8% | 7.6% | 5.1% | 5.6% |
| Working capital | ||||||||
| Receivable days | 127 | 171 | 264 | 204 | 148 | 191 | 182 | 146 |
| Inventory days | 17 | 36 | 35 | 46 | 63 | 74 | 94 | 136 |
| Payable days | 5 | 10 | 19 | 20 | 91 | 100 | 147 | 108 |
| NWC days | 139 | 197 | 280 | 230 | 120 | 165 | 130 | 174 |
| Leverage | ||||||||
| Current ratio | 1.62 | 1.62 | 1.39 | 1.82 | 1.94 | 2.08 | 1.87 | 2.09 |
| Debt to EBITDA | 1.53 | 1.34 | 1.71 | 1.16 | 1.29 | 1.69 | 2.64 | 2.47 |
| Debt to equity | 0.36 | 0.35 | 0.43 | 0.22 | 0.2 | 0.21 | 0.28 | 0.31 |
| Interest coverage | 4.7 | 4.6 | 3 | 3.9 | 3.9 | 4.6 | 2.6 | 2.5 |
| Asset turnover | 1.39 | 0.98 | 0.83 | 0.89 | 0.87 | 0.66 | 0.53 | 0.56 |
| Return ratios | ||||||||
| Return on assets % | 5.9% | 5.6% | 4.5% | 5.9% | 5% | 5.1% | 2.7% | 3.1% |
| Return on capital employed % | 25.3% | 24.5% | 22.6% | 20.6% | 15.2% | 14.6% | 9.2% | 11% |
| Return on equity % | 12.7% | 12.4% | 11.9% | 10.4% | 8.5% | 8.1% | 4.9% | 5.3% |
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.