Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 50% | 55% | 49.4% | 49.9% | ||||
| 47.3% |
| 41.9% |
| 34.5% |
| 33.4% |
| EBITDA margin % | 26.7% | 29.6% | 23% | 23.7% | 26.7% | 22.1% | 13.3% | 11.7% |
| EBIT margin % | 22.9% | 24.9% | 17.4% | 19.4% | 22.9% | 18% | 8.9% | 7.1% |
| PAT margin % | 13.4% | 16.1% | 11.8% | 12.8% | 14.2% | 15.4% | 6.4% | 3.6% |
| Working capital | ||||||||
| Receivable days | 9 | 9 | 11 | 20 | 10 | 10 | 12 | 24 |
| Inventory days | 72 | 119 | 91 | 85 | 75 | 83 | 95 | 95 |
| Payable days | — | — | 94 | 88 | 64 | 60 | 57 | 59 |
| NWC days | — | — | 8 | 17 | 20 | 33 | 50 | 61 |
| Leverage | ||||||||
| Current ratio | 1.55 | 1.26 | 1.24 | 1.5 | 1.46 | 1.84 | 1.49 | 1.19 |
| Debt to EBITDA | 1.26 | 1.25 | 3.61 | 2.79 | 1.44 | 1.45 | 2.03 | 2.71 |
| Debt to equity | 0.54 | 0.48 | 0.88 | 0.86 | 0.63 | 0.41 | 0.32 | 0.42 |
| Interest coverage | 6.5 | 6.9 | 5.8 | 9.2 | 8.1 | 6.5 | 4.1 | 2.7 |
| Asset turnover | 0.77 | 0.64 | 0.45 | 0.56 | 0.8 | 0.74 | 0.73 | 0.75 |
| Return ratios | ||||||||
| Return on assets % | 10.3% | 10.4% | 5.3% | 7.2% | 11.3% | 11.4% | 4.7% | 2.7% |
| Return on capital employed % | 25.7% | 23.3% | 12.5% | 15.7% | 24.8% | 18.1% | 9.2% | 7.8% |
| Return on equity % | 21.4% | 20.8% | 12.4% | 16.8% | 23.5% | 19.8% | 7.5% | 4.8% |
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.