Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 64.7% | 61.8% | 62.2% | 62.1% | 57.4% | 65.7% | 71% | 75% |
| EBITDA margin % | 22.9% | 17.3% | 18.5% | 2.3% | 9.6% | 23.6% | 32.3% | 40% |
| EBIT margin % | 19.1% | 12.6% | 13.9% | -2% | 4.7% | 18.6% | 28.4% | 36.4% |
| PAT margin % | 14% | 6.6% | 11.4% | -1.6% | 3.8% | 15.9% | 23.4% | 32.6% |
| Working capital | ||||||||
| Receivable days | 123 | 120 | 105 | 84 | 87 | 96 | 122 | 129 |
| Inventory days | 216 | 216 | 236 | 260 | 230 | 216 | 239 | 251 |
| Payable days | 118 | 9 | 104 | 110 | 119 | 148 | 146 | 189 |
| NWC days | 222 | 327 | 237 | 234 | 197 | 163 | 215 | 191 |
| Leverage | ||||||||
| Current ratio | 4.75 | 4.24 | 3.72 | 2.38 | 2.09 | 2.51 | 3.68 | 3.23 |
| Debt to EBITDA | — | — | 0.15 | 2.87 | 0.57 | 0.01 | 0.04 | 0.07 |
| Debt to equity | — | — | 0.02 | 0.04 | 0.03 | 0 | 0.01 | 0.02 |
| Interest coverage | 76.6 | 35.4 | 41.1 | -1.2 | 6.4 | 50.4 | 59.2 | 61 |
| Asset turnover | 0.56 | 0.53 | 0.51 | 0.53 | 0.5 | 0.59 | 0.6 | 0.54 |
| Return ratios | ||||||||
| Return on assets % | 7.8% | 3.5% | 5.8% | -0.8% | 1.9% | 9.3% | 14% | 17.6% |
| Return on capital employed % | 16% | 10.4% | 8.9% | -0.5% | 3.3% | 14.1% | 21.5% | 26.2% |
| Return on equity % | 9% | 4.2% | 6.8% | -1% | 2.3% | 11.3% | 16.4% | 21.1% |
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.