Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 37.5% | — | 48.4% | 39.3% | — | 45.1% | 43.1% | — |
| EBITDA margin % | 9.8% | 11.6% | 22.6% | 17.9% | 14.9% | 14.2% | 11.5% | 12.2% |
| EBIT margin % | 7.3% | 8.5% | 18.9% | 15.5% | 12.4% | 10.4% | 7.8% | 8.4% |
| PAT margin % | 4.5% | 6.1% | 14.8% | 11.2% | 8.5% | 5.2% | 4.8% | 5.4% |
| Working capital | ||||||||
| Receivable days | 64 | 58 | 65 | 48 | — | 53 | 58 | 58 |
| Inventory days | 67 | 53 | 99 | 91 | — | 111 | 110 | 61 |
| Payable days | — | 3 | 128 | 143 | — | 92 | 102 | 68 |
| NWC days | — | 107 | 35 | -3 | — | 72 | 66 | 52 |
| Leverage | ||||||||
| Current ratio | 1.11 | 0.96 | 1.01 | 0.94 | — | 1.11 | 1.07 | 1.11 |
| Debt to EBITDA | 0.54 | 1.12 | 0.63 | 1.75 | — | 1.4 | 1.68 | 1.24 |
| Debt to equity | 0.17 | 0.33 | 0.29 | 0.85 | — | 0.38 | 0.37 | 0.27 |
| Interest coverage | 9.9 | 10 | 15.4 | 20.5 | 6.6 | 5.4 | 4 | 5.2 |
| Asset turnover | 1.55 | 1.14 | 1.05 | 1.02 | — | 1.04 | 1.03 | 1.04 |
| Return ratios | ||||||||
| Return on assets % | 7.1% | 6.9% | 15.6% | 11.5% | — | 5.5% | 5% | 5.6% |
| Return on capital employed % | 22.2% | 19.4% | 35% | 36.8% | — | 16.3% | 14.2% | 15.3% |
| Return on equity % | 14.9% | 15.6% | 30.2% | 30.4% | — | 9.9% | 9.2% | 9.6% |
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.