Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 30.1% | 30.8% | 30% | 29.7% | ||||
| 30.6% |
| 32.5% |
| 32.9% |
| 36% |
| EBITDA margin % | 6.2% | 7.2% | 7.3% | 7.8% | 8.1% | 8.5% | 8.5% | 12.2% |
| EBIT margin % | 4.1% | 4.4% | 4.5% | 5.5% | 5.8% | 6.1% | 6.1% | 8.8% |
| PAT margin % | 7% | 6.3% | 4.7% | 5.1% | 5.6% | 6.9% | 5% | 5.7% |
| Working capital | ||||||||
| Receivable days | — | — | — | 66 | 55 | 69 | 59 | 81 |
| Inventory days | — | — | — | 28 | 20 | 25 | 25 | 37 |
| Payable days | — | — | — | 79 | 65 | 74 | 75 | 101 |
| NWC days | — | — | — | 15 | 10 | 20 | 9 | 17 |
| Leverage | ||||||||
| Current ratio | — | — | — | 1.24 | 1.13 | 1 | 0.79 | 0.92 |
| Debt to EBITDA | — | — | — | 1.06 | 2.41 | 3.24 | 3.08 | 1.84 |
| Debt to equity | — | — | — | 0.2 | 0.44 | 0.55 | 0.54 | 0.78 |
| Interest coverage | 19.3 | 9.6 | 8.8 | 14.2 | 9.8 | 4.8 | 3.7 | 4.5 |
| Asset turnover | — | — | — | 1.3 | 1.17 | 1 | 1.06 | 1.21 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | 6.6% | 6.5% | 6.9% | 5.3% | 7% |
| Return on capital employed % | — | — | — | 16.5% | 17.5% | 18.6% | 16% | 32.8% |
| Return on equity % | — | — | — | 12.1% | 12.6% | 13.8% | 10.3% | 20% |
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.