Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 98.1% | 97.1% | 97.7% | — | 97.8% | 97.8% | 96.8% | 96.9% |
| EBITDA margin % | 46.2% | 42.2% | 38.8% | 49.3% | 46% | 48.3% | 47.3% | 46.6% |
| EBIT margin % | 31.9% | 22.9% | 14.8% | 33.4% | 35.2% | 33.5% | 29.7% | 27.6% |
| PAT margin % | 24.4% | 14% | 16.5% | 36.5% | 25% | 29.3% | 25.8% | 24.8% |
| Working capital | ||||||||
| Receivable days | 26 | 32 | 42 | 39 | 24 | 30 | 27 | 36 |
| Inventory days | 1,177 | 992 | 1,990 | 51 | 883 | 1,291 | 962 | 924 |
| Payable days | — | — | 1,497 | 40 | 664 | 769 | 472 | 567 |
| NWC days | — | — | 534 | 50 | 243 | 552 | 518 | 393 |
| Leverage | ||||||||
| Current ratio | 0.44 | 0.54 | 0.86 | 0.98 | 1.29 | 1.58 | 1.4 | 1.66 |
| Debt to EBITDA | 0.55 | 0.59 | 0.57 | 0.12 | 0.1 | 0.09 | 0.13 | 0.13 |
| Debt to equity | 0.14 | 0.12 | 0.07 | 0.03 | 0.03 | 0.02 | 0.03 | 0.02 |
| Interest coverage | 17 | 9.9 | 7.8 | 18.4 | 23.1 | 14 | 11.2 | 10.4 |
| Asset turnover | 0.38 | 0.31 | 0.21 | 0.33 | 0.42 | 0.31 | 0.31 | 0.29 |
| Return ratios | ||||||||
| Return on assets % | 9.3% | 4.4% | 3.5% | 12% | 10.6% | 9.1% | 7.9% | 7.1% |
| Return on capital employed % | 17.6% | 11.4% | 6.4% | 14.9% | 19.9% | 15.6% | 12.6% | 11.2% |
| Return on equity % | 13.9% | 6.7% | 5.5% | 17% | 15.1% | 13.2% | 11.3% | 9.9% |
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.