Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 61% | 60.1% | 60.3% | 63.2% | 58.8% | 54.8% |
| EBITDA margin % | 17.9% | 21.1% | 17.5% | 22.4% | 20.7% | 21.1% | 18.8% | 11.9% |
| EBIT margin % | 14.4% | 17.2% | 12.3% | 18.9% | 17.6% | 17.7% | 14.8% | 7.2% |
| PAT margin % | 8.3% | 10.9% | 9.1% | 13.1% | 12.6% | 12% | 14% | 5.1% |
| Working capital | ||||||||
| Receivable days | 23 | 26 | 31 | 28 | 22 | 36 | 40 | 50 |
| Inventory days | 126 | 103 | 305 | 247 | 220 | 272 | 288 | 330 |
| Payable days | 23 | 5 | 38 | 34 | 20 | 30 | 30 | 90 |
| NWC days | 125 | 124 | 297 | 241 | 222 | 278 | 298 | 291 |
| Leverage | ||||||||
| Current ratio | 1 | 1.16 | 1.14 | 1.18 | 1.3 | 2.11 | 1.97 | 1.3 |
| Debt to EBITDA | 2.31 | 1.52 | 2.92 | 1.6 | 1.22 | 2.12 | 2.65 | 10.87 |
| Debt to equity | 1.11 | 0.69 | 0.72 | 0.62 | 0.48 | 0.69 | 0.41 | 0.9 |
| Interest coverage | 2.5 | 4.1 | 3.1 | 6.7 | 7.5 | 9.1 | 7.5 | 3.2 |
| Asset turnover | 0.93 | 0.98 | 0.7 | 0.89 | 1.08 | 0.78 | 0.53 | 0.31 |
| Return ratios | ||||||||
| Return on assets % | 7.7% | 10.7% | 6.4% | 11.7% | 13.6% | 9.4% | 7.4% | 1.6% |
| Return on capital employed % | 24.3% | 29.2% | 18.1% | 30.8% | 34.3% | 24.4% | 15.1% | 4.7% |
| Return on equity % | 22.1% | 23.7% | 12.9% | 22.8% | 24.1% | 18.4% | 11.6% | 3.6% |
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.