Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 18% | 17.5% | 19.6% | 22.4% | ||||
| 22.8% |
| 20.1% |
| 22.3% |
| 25.5% |
| EBITDA margin % | 7.6% | 7.3% | 7.9% | 6.4% | 5.8% | 6% | 6.3% | 7.2% |
| EBIT margin % | 6.5% | 6.2% | 6.8% | 5.2% | 5.1% | 5% | 5.3% | 6.1% |
| PAT margin % | 2.5% | 3.6% | 4.6% | 4% | 4.1% | 4% | 5.2% | 6% |
| Working capital | ||||||||
| Receivable days | 52 | 38 | 20 | 30 | 18 | 19 | 17 | 16 |
| Inventory days | 183 | 159 | 187 | 190 | 133 | 159 | 176 | 217 |
| Payable days | 27 | 21 | 35 | 83 | 37 | 57 | 77 | 102 |
| NWC days | 207 | 176 | 173 | 137 | 114 | 121 | 116 | 132 |
| Leverage | ||||||||
| Current ratio | 1.56 | 1.68 | 1.99 | 1.78 | 3.3 | 2.71 | 2.27 | 2.05 |
| Debt to EBITDA | 4.01 | 3.3 | 2.08 | 1.61 | 0.19 | 0.26 | 0.35 | 0.26 |
| Debt to equity | 0.79 | 0.65 | 0.39 | 0.28 | 0.03 | 0.04 | 0.05 | 0.04 |
| Interest coverage | 2.1 | 2.9 | 5.3 | 7.5 | 9.8 | 12.3 | 15 | 12.1 |
| Asset turnover | 1.29 | 1.46 | 1.47 | 1.5 | 1.96 | 1.71 | 1.52 | 1.33 |
| Return ratios | ||||||||
| Return on assets % | 3.2% | 5.3% | 6.8% | 5.9% | 8% | 6.8% | 7.9% | 8% |
| Return on capital employed % | 19% | 19.9% | 19.3% | 16.8% | 17.8% | 14% | 16.2% | 17.5% |
| Return on equity % | 6.5% | 9.8% | 11% | 10.7% | 10.2% | 9.4% | 11.8% | 12.7% |
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.