Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 45.9% | 49.9% | 54.4% | 53.1% | ||||
| 53% |
| 50% |
| 52.8% |
| 57.9% |
| EBITDA margin % | 15.7% | 20.4% | 31.7% | 27.3% | 25.7% | 15.6% | 18.1% | 23.6% |
| EBIT margin % | 8.5% | 13.8% | 27.5% | 22.3% | 20.5% | 8.4% | 11.2% | 17.4% |
| PAT margin % | 4.3% | 9.6% | 20.1% | 15.9% | 13.2% | 4.7% | 7.3% | 12.2% |
| Working capital | ||||||||
| Receivable days | — | — | 98 | 98 | 94 | 124 | 142 | 121 |
| Inventory days | — | — | 257 | 279 | 211 | 258 | 258 | 304 |
| Payable days | — | — | 194 | 140 | 90 | 151 | 138 | 171 |
| NWC days | — | — | 161 | 237 | 216 | 231 | 262 | 255 |
| Leverage | ||||||||
| Current ratio | — | — | 1.29 | 1.32 | 1.51 | 1.29 | 1.27 | 1.34 |
| Debt to EBITDA | — | — | 0.92 | 1.26 | 1.13 | 2.73 | 2.46 | 1.39 |
| Debt to equity | — | — | 0.51 | 0.48 | 0.41 | 0.49 | 0.51 | 0.38 |
| Interest coverage | 2.4 | 4.5 | 20.3 | 11.2 | 8.2 | 3 | 3.8 | 8 |
| Asset turnover | 0.67 | 0.75 | 0.85 | 0.71 | 0.83 | 0.63 | 0.61 | 0.64 |
| Return ratios | ||||||||
| Return on assets % | 2.9% | 7.1% | 17% | 11.4% | 10.9% | 2.9% | 4.4% | 7.8% |
| Return on capital employed % | 6.5% | 11.6% | 39.3% | 28.8% | 26.5% | 9.2% | 13.2% | 19.4% |
| Return on equity % | 6.1% | 15.1% | 35.3% | 22.1% | 18.7% | 5.3% | 8.3% | 14.1% |
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.