Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 91.1% | 91.4% | 90.5% | 91.4% | ||||
| 91.8% |
| 92.4% |
| 92.9% |
| 93% |
| EBITDA margin % | 26.2% | 27.7% | -8.6% | 19.4% | 37.5% | 38.9% | 41.3% | 42.4% |
| EBIT margin % | 20.2% | 20.3% | -26.5% | 9.2% | 31.9% | 33.7% | 36.1% | 37.3% |
| PAT margin % | 9.5% | 14.6% | -46.3% | -1.7% | 22.8% | 24.9% | 28.7% | 37.4% |
| Working capital | ||||||||
| Receivable days | 33 | 33 | 63 | 40 | 37 | 33 | 33 | 35 |
| Inventory days | 76 | 92 | 177 | 118 | 80 | 81 | 92 | 91 |
| Payable days | — | — | 688 | 507 | 373 | 391 | 327 | 413 |
| NWC days | — | — | -448 | -349 | -256 | -276 | -202 | -287 |
| Leverage | ||||||||
| Current ratio | 0.57 | 0.93 | 0.53 | 1.62 | 1.27 | 1.78 | 2.26 | 2.79 |
| Debt to EBITDA | 1.72 | 2.26 | — | 2.43 | 0.32 | 0 | 0 | 0 |
| Debt to equity | 0.28 | 0.38 | 0.61 | 0.12 | 0.05 | 0 | 0 | 0 |
| Interest coverage | 4.1 | 2.9 | -0.6 | 1.1 | 10 | 14.5 | 20 | 22.7 |
| Asset turnover | 0.35 | 0.31 | 0.12 | 0.18 | 0.31 | 0.34 | 0.35 | 0.34 |
| Return ratios | ||||||||
| Return on assets % | 3.3% | 4.5% | -5.7% | -0.3% | 7.2% | 8.6% | 10.2% | 12.9% |
| Return on capital employed % | 9.9% | 9.8% | -2.5% | 3.9% | 13% | 15.4% | 16.6% | 17% |
| Return on equity % | 5.9% | 8.8% | -12.5% | -0.4% | 9.5% | 10.8% | 12.6% | 15.8% |
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.