Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | — | — | — | — | — |
| EBITDA margin % | 54.9% | 52.3% | 54.1% | 56% | 57.7% | 47.3% | 50.6% | 42.3% |
| EBIT margin % | 35.4% | 34.6% | 39.6% | 42.5% | 45.4% | 34.1% | 38.1% | 24% |
| PAT margin % | 32.2% | 34.4% | 38% | 42.4% | 41.2% | 44.5% | 34.3% | 35% |
| Working capital | ||||||||
| Receivable days | — | — | 194 | 202 | 215 | 173 | 179 | 85 |
| Inventory days | — | — | 12 | 13 | 14 | 15 | 20 | 17 |
| Payable days | — | — | 19 | 19 | 20 | 21 | 24 | 22 |
| NWC days | — | — | 188 | 196 | 209 | 166 | 175 | 81 |
| Leverage | ||||||||
| Current ratio | — | — | 1.27 | 1.2 | 1.09 | 0.9 | 0.94 | 0.87 |
| Debt to EBITDA | — | — | 5.07 | 5.56 | 5.24 | 7.39 | 7.9 | 10.12 |
| Debt to equity | — | — | 0.74 | 0.78 | 0.79 | 0.79 | 0.94 | 1.11 |
| Interest coverage | 4.3 | 5.1 | 7 | 8.6 | 10.6 | 10.6 | 4.4 | 2.7 |
| Asset turnover | — | — | 0.13 | 0.12 | 0.12 | 0.11 | 0.1 | 0.1 |
| Return ratios | ||||||||
| Return on assets % | — | — | 4.9% | 5% | 5.1% | 4.8% | 3.5% | 3.7% |
| Return on capital employed % | — | — | 7.5% | 7.3% | 7.7% | 6.5% | 6.7% | 4.6% |
| Return on equity % | — | — | 10.2% | 10.6% | 10.8% | 10% | 8% | 9.1% |
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.