Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 58.5% | 58.7% | 63.6% | 57.9% | 54.8% | 56.9% | 59.5% | 64.3% |
| EBITDA margin % | 10.9% | 10.9% | 10.5% | 9.3% | 8.1% | 8.2% | 8.4% | 8.7% |
| EBIT margin % | 9.7% | 9.5% | 9% | 7.8% | 6% | 6% | 6.4% | 7% |
| PAT margin % | 5.6% | 5.9% | 8% | 7.3% | 3.7% | 3.2% | 3.4% | 3.6% |
| Working capital | ||||||||
| Receivable days | 173 | 167 | 178 | 161 | 126 | 117 | 139 | 123 |
| Inventory days | 77 | 83 | 78 | 75 | 61 | 63 | 65 | 78 |
| Payable days | — | — | 300 | 279 | 258 | 265 | 291 | 284 |
| NWC days | — | — | -44 | -42 | -71 | -85 | -86 | -83 |
| Leverage | ||||||||
| Current ratio | 1.41 | 1.28 | 1.35 | 1.5 | 1.24 | 1.25 | 1.29 | 1.29 |
| Debt to EBITDA | 0.78 | 1.37 | 1.59 | 2.57 | 2.53 | 2.39 | 2.14 | 1.4 |
| Debt to equity | 0.19 | 0.33 | 0.33 | 0.38 | 0.55 | 0.57 | 0.47 | 0.35 |
| Interest coverage | 6.2 | 4.9 | 7.1 | 5.1 | 3.3 | 3.3 | 3.4 | 5.1 |
| Asset turnover | 0.86 | 0.82 | 0.79 | 0.69 | 0.81 | 0.84 | 0.8 | 0.92 |
| Return ratios | ||||||||
| Return on assets % | 4.9% | 4.8% | 6.4% | 5% | 3% | 2.7% | 2.8% | 3.3% |
| Return on capital employed % | 20.7% | 20.3% | 18% | 13.1% | 16.4% | 16% | 16.7% | 21.1% |
| Return on equity % | 12.7% | 13.1% | 15.9% | 11.8% | 10% | 9.3% | 9% | 10.1% |
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.