Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 40.3% | — | 38.2% | 37.5% | ||||
| 34.9% |
| 31.8% |
| 41.9% |
| 44.3% |
| EBITDA margin % | 11.6% | 11.8% | 13.6% | 7.5% | 10.2% | 10.9% | 14.3% | 15.6% |
| EBIT margin % | 10% | 9.9% | 11.7% | 5.4% | 8.6% | 9.6% | 12.4% | 13.9% |
| PAT margin % | 6.6% | 6.2% | 10.5% | 5.7% | 11.4% | 10.3% | 9.9% | 10% |
| Working capital | ||||||||
| Receivable days | 83 | 86 | 81 | 106 | 112 | 95 | 124 | 158 |
| Inventory days | 78 | 94 | 73 | 119 | 98 | 78 | 129 | 141 |
| Payable days | 98 | 3 | 106 | 85 | 128 | 82 | 108 | 162 |
| NWC days | 63 | 177 | 48 | 139 | 82 | 91 | 145 | 137 |
| Leverage | ||||||||
| Current ratio | 1.44 | 1.36 | 1.62 | 1.98 | 1.89 | 2.22 | 2.02 | 1.63 |
| Debt to EBITDA | 1.77 | 1.7 | 0.52 | 2.39 | 1 | 0.62 | 1.17 | 0.97 |
| Debt to equity | 0.19 | 0.16 | 0.06 | 0.1 | 0.07 | 0.05 | 0.11 | 0.1 |
| Interest coverage | 4.2 | 3.6 | 9.6 | 6.5 | 14.8 | 10.9 | 10.5 | 10.6 |
| Asset turnover | 0.62 | 0.55 | 0.69 | 0.44 | 0.54 | 0.66 | 0.5 | 0.5 |
| Return ratios | ||||||||
| Return on assets % | 4.1% | 3.4% | 7.2% | 2.5% | 6.2% | 6.8% | 4.9% | 5% |
| Return on capital employed % | 9.6% | 8.9% | 14.6% | 5.9% | 10% | 11.8% | 9.1% | 9.9% |
| Return on equity % | 5.9% | 4.9% | 9.5% | 3.1% | 7.9% | 8.3% | 6.2% | 6.8% |
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.