Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 41.1% | 39.9% | 41.3% | 43.6% | ||||
| 43.4% |
| 43% |
| 45.4% |
| 44.6% |
| EBITDA margin % | 18.2% | 19% | 19.1% | 17.8% | 16.3% | 16.6% | 19% | 17.7% |
| EBIT margin % | 17% | 17.3% | 17.1% | 15.4% | 13.9% | 13.7% | 15.7% | 14.9% |
| PAT margin % | 8.8% | 9.4% | 9.4% | 9.2% | 7.3% | 6.3% | 6.3% | 5.5% |
| Working capital | ||||||||
| Receivable days | 93 | 90 | 85 | 82 | 94 | 140 | 94 | 152 |
| Inventory days | 188 | 257 | 211 | 258 | 275 | 343 | 265 | 425 |
| Payable days | 111 | 71 | 122 | 131 | 147 | 129 | 220 | 325 |
| NWC days | 169 | 276 | 174 | 209 | 223 | 355 | 138 | 252 |
| Leverage | ||||||||
| Current ratio | 1.37 | 1.55 | 1.35 | 2.26 | 1.6 | 1.78 | 1.51 | 1.26 |
| Debt to EBITDA | 2.67 | 2.28 | 3.2 | 2.6 | 3.25 | 3.32 | 3.02 | 4.44 |
| Debt to equity | 1.64 | 0.84 | 1.12 | 0.51 | 0.75 | 0.5 | 0.55 | 0.79 |
| Interest coverage | 3.5 | 4.5 | 4.2 | 4 | 3.5 | 2.6 | 2.6 | 1.8 |
| Asset turnover | 0.97 | 0.86 | 0.68 | 0.61 | 0.65 | 0.51 | 0.48 | 0.39 |
| Return ratios | ||||||||
| Return on assets % | 8.5% | 8.1% | 6.4% | 5.6% | 4.7% | 3.2% | 3% | 2.2% |
| Return on capital employed % | 38.2% | 31.7% | 22.4% | 17% | 16.3% | 13.3% | 14.2% | 13.8% |
| Return on equity % | 29.9% | 18.4% | 17.2% | 10.2% | 10.4% | 5.8% | 6% | 5.5% |
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.