Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 54.1% | 52.2% | 53.6% | ||||
| 52.1% |
| 53.2% |
| 56.2% |
| 54.4% |
| EBITDA margin % | 19.2% | 17.2% | 16.7% | 17% | 18.1% | 18.9% | 19.9% | 17.8% |
| EBIT margin % | 13.1% | 9.9% | 8.9% | 11.5% | 13.3% | 14.1% | 14.3% | 11.9% |
| PAT margin % | 9% | 6.4% | 6.4% | 10.3% | 8.9% | 9.5% | 9.2% | 7.4% |
| Working capital | ||||||||
| Receivable days | — | — | 61 | 56 | 59 | 76 | 101 | 103 |
| Inventory days | — | — | 177 | 139 | 156 | 165 | 192 | 163 |
| Payable days | — | — | 103 | 85 | 86 | 83 | 115 | 100 |
| NWC days | — | — | 135 | 110 | 129 | 157 | 177 | 166 |
| Leverage | ||||||||
| Current ratio | — | — | 1.17 | 1.29 | 1.2 | 1.17 | 2.28 | 1.15 |
| Debt to EBITDA | — | — | 4.39 | 3.2 | 2.55 | 2.79 | 2.28 | 3.9 |
| Debt to equity | — | — | 1.06 | 1.02 | 0.94 | 0.99 | 0.72 | 1.04 |
| Interest coverage | 5.2 | 2.7 | 2.8 | 5.9 | 7 | 5.7 | 3.9 | 2.7 |
| Asset turnover | — | — | 0.57 | 0.76 | 0.84 | 0.77 | 0.61 | 0.61 |
| Return ratios | ||||||||
| Return on assets % | — | — | 3.7% | 7.8% | 7.5% | 7.3% | 5.7% | 4.5% |
| Return on capital employed % | — | — | 10.4% | 17.9% | 20.2% | 20.8% | 15% | 11.4% |
| Return on equity % | — | — | 9.3% | 19.3% | 18.2% | 17.8% | 14.6% | 11% |
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.