Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 68.1% | 66.1% | 69.2% | 67.3% | ||||
Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 68.1% | 66.1% | 69.2% | 67.3% | ||||
| 64.4% |
| 67.9% |
| 71.6% |
| 74.7% |
| EBITDA margin % | 19.1% | 21% | 29.5% | 23% | 15.7% | 19.6% | 22.8% | 24.3% |
| EBIT margin % | 14.3% | 16.9% | 25.8% | 19.3% | 11.8% | 15.6% | 19.1% | 20.6% |
| PAT margin % | 12.5% | 14.9% | 22.2% | 16.1% | 8.7% | 8.6% | 9.7% | 15.4% |
| Working capital | ||||||||
| Receivable days | 63 | 70 | 55 | 55 | 58 | 61 | 63 | 63 |
| Inventory days | 332 | 312 | 350 | 362 | 293 | 309 | 297 | 336 |
| Payable days | — | — | 121 | 99 | 80 | 78 | 93 | 119 |
| NWC days | — | — | 283 | 318 | 271 | 292 | 268 | 280 |
| Leverage | ||||||||
| Current ratio | 2.25 | 2.18 | 3.08 | 3.12 | 2.91 | 2.31 | 2.67 | 2.82 |
| Debt to EBITDA | 0.48 | 0.42 | 0.15 | 0.61 | 1.56 | 0.94 | 0.57 | 0.13 |
| Debt to equity | 0.11 | 0.11 | 0.05 | 0.14 | 0.24 | 0.18 | 0.13 | 0.03 |
| Interest coverage | 31.1 | 50.7 | 170.5 | 152 | 18.1 | 8.9 | 21.3 | 36.9 |
| Asset turnover | 0.82 | 0.84 | 0.86 | 0.72 | 0.69 | 0.71 | 0.74 | 0.75 |
| Return ratios | ||||||||
| Return on assets % | 10.2% | 12.6% | 19% | 11.7% | 6% | 6.1% | 7.2% | 11.6% |
| Return on capital employed % | 17.6% | 21.7% | 31.2% | 19.8% | 12.3% | 15.5% | 18.2% | 20.1% |
| Return on equity % | 14.5% | 17.8% | 24% | 15.8% | 8.6% | 8.4% | 9.4% | 14.2% |
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.