Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 60.6% | 64.2% | 67.2% | 65.8% | 64.4% | 60.3% | 59.5% | 60.3% |
| EBITDA margin % | 11.8% | 12.5% | 11.8% | 10% | 10.1% | 9% | 9.1% | 8.3% |
| EBIT margin % | 10.5% | 10.4% | 9.4% | 8.2% | 8.6% | 7.9% | 8% | 7% |
| PAT margin % | 4.7% | 4.7% | 3.6% | 4.9% | 4.3% | 3.5% | 4% | 3.3% |
| Working capital | ||||||||
| Receivable days | 95 | 116 | 127 | 88 | 76 | 53 | 56 | 66 |
| Inventory days | 39 | 64 | 81 | 85 | 83 | 72 | 65 | 94 |
| Payable days | — | 4 | 567 | 458 | 369 | 306 | 358 | 367 |
| NWC days | — | 176 | -359 | -286 | -210 | -181 | -236 | -207 |
| Leverage | ||||||||
| Current ratio | 1.24 | 1.27 | 1.34 | 1.36 | 1.34 | 1.32 | 1.31 | 1.26 |
| Debt to EBITDA | 1.22 | 1.6 | 2.09 | 1.19 | 0.73 | 0.61 | 0.85 | 1.55 |
| Debt to equity | 0.37 | 0.32 | 0.33 | 0.2 | 0.15 | 0.15 | 0.2 | 0.3 |
| Interest coverage | 3.1 | 1.9 | 1.7 | 2 | 2.5 | 2.6 | 2.6 | 2.2 |
| Asset turnover | 0.92 | 0.64 | 0.57 | 0.72 | 0.86 | 1.06 | 0.97 | 0.76 |
| Return ratios | ||||||||
| Return on assets % | 4.3% | 3% | 2.1% | 3.5% | 3.6% | 3.6% | 3.8% | 2.5% |
| Return on capital employed % | 28.7% | 19% | 14.6% | 16% | 20.8% | 23.3% | 23.6% | 18.1% |
| Return on equity % | 11.9% | 7.5% | 4.9% | 8.4% | 9% | 9.3% | 10.2% | 7.6% |
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.