Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 82% | 87.7% | 98% | ||||
| — |
| — |
| — |
| 95.4% |
| EBITDA margin % | 12.7% | 17.8% | 20.1% | 18.5% | 13.2% | 14.8% | 17.5% | 14.4% |
| EBIT margin % | 10.6% | 12.8% | 15.2% | 14.5% | 9.7% | 11% | 13.3% | 10.9% |
| PAT margin % | 7.6% | 8.9% | 9.3% | 8.8% | 5.6% | 5.4% | 7.2% | 7.1% |
| Working capital | ||||||||
| Receivable days | — | — | 150 | 160 | 114 | 117 | 150 | 135 |
| Inventory days | — | — | 0 | 1 | 0 | 0 | 14 | 3 |
| Payable days | — | — | 143 | 534 | 11 | 6 | 29 | 268 |
| NWC days | — | — | 7 | -373 | 103 | 111 | 136 | -129 |
| Leverage | ||||||||
| Current ratio | — | — | 1.82 | 2.08 | 2.24 | 1.64 | 1.96 | 1.59 |
| Debt to EBITDA | — | — | 1.28 | 1.62 | 1.49 | 1.81 | 2.34 | 2.52 |
| Debt to equity | — | — | 0.23 | 0.26 | 0.22 | 0.3 | 0.44 | 0.25 |
| Interest coverage | 3.9 | 3.9 | 3.6 | 4.3 | 3.4 | 2.8 | 3 | 3 |
| Asset turnover | — | — | 0.6 | 0.6 | 0.77 | 0.72 | 0.61 | 0.45 |
| Return ratios | ||||||||
| Return on assets % | — | — | 5.5% | 5.3% | 4.3% | 3.9% | 4.4% | 3.2% |
| Return on capital employed % | — | — | 13.8% | 11.9% | 11% | 11.8% | 13.2% | 10.6% |
| Return on equity % | — | — | 8.3% | 7.7% | 6.3% | 6.1% | 7.6% | 4.9% |
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.