Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 51.3% | 55.1% | 59.1% | 58.3% | 59.8% | 57.5% | 52.8% | 54% |
| EBITDA margin % | 10.7% | 10.8% | 10.4% | 9% | 5.5% | 4.9% | 5.4% | 5.5% |
| EBIT margin % | 9.7% | 9.6% | 9.4% | 8% | 4.7% | 4% | 4.6% | 4.8% |
| PAT margin % | 4.9% | 5.2% | 5.5% | 3.5% | 1.2% | 0.9% | 1.7% | 2.3% |
| Working capital | ||||||||
| Receivable days | 171 | 183 | 161 | 137 | 154 | 79 | 80 | 107 |
| Inventory days | 35 | 46 | 51 | 49 | 45 | 44 | 25 | 33 |
| Payable days | 342 | 11 | 440 | 435 | 462 | 428 | 332 | 350 |
| NWC days | -136 | 218 | -228 | -249 | -262 | -305 | -227 | -210 |
| Leverage | ||||||||
| Current ratio | 1.19 | 1.14 | 1.16 | 1.14 | 1.11 | 1.09 | 1.19 | 1.2 |
| Debt to EBITDA | 1.4 | 1.74 | 1.44 | 2.16 | 3.24 | 3.9 | 3.18 | 4.27 |
| Debt to equity | 0.61 | 0.69 | 0.5 | 0.63 | 0.69 | 0.81 | 0.65 | 0.82 |
| Interest coverage | 3.6 | 3.7 | 4.7 | 3.8 | 1.8 | 1.3 | 1.7 | 1.7 |
| Asset turnover | 0.91 | 0.86 | 0.88 | 0.83 | 0.89 | 0.99 | 0.97 | 0.86 |
| Return ratios | ||||||||
| Return on assets % | 4.5% | 4.5% | 4.8% | 2.9% | 1% | 0.8% | 1.6% | 1.9% |
| Return on capital employed % | 36.4% | 33.6% | 33.3% | 26% | 18.1% | 18.3% | 21.1% | 17.2% |
| Return on equity % | 20% | 19.2% | 18.4% | 11.3% | 4.5% | 3.6% | 6.4% | 7.8% |
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.