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Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 42.8% | 37.6% | ||||
| 38.2% |
| 34.1% |
| 34.3% |
| 40.5% |
| EBITDA margin % | 11.5% | 9.7% | 10.2% | 9.4% | 10.7% | 9.5% | 9.2% | 9.2% |
| EBIT margin % | 9.8% | 8.5% | 8.9% | 8.2% | 9.3% | 8.4% | 8.2% | 7.8% |
| PAT margin % | 4.9% | 4.8% | 4.5% | 4.1% | 4% | 4% | 4.3% | 4.1% |
| Working capital | ||||||||
| Receivable days | — | — | 131 | 112 | 144 | 106 | 89 | 154 |
| Inventory days | — | — | 258 | 189 | 314 | 253 | 165 | 201 |
| Payable days | — | — | 147 | 81 | 160 | — | — | 38 |
| NWC days | — | — | 242 | 220 | 298 | — | — | 317 |
| Leverage | ||||||||
| Current ratio | — | — | 1.43 | 1.66 | 1.43 | 1.51 | 1.95 | 1.88 |
| Debt to EBITDA | — | — | 2.45 | 3.1 | 3.15 | 2.64 | 2.53 | 3.78 |
| Debt to equity | — | — | 0.64 | 0.79 | 0.73 | 0.65 | 0.57 | 0.53 |
| Interest coverage | 3.1 | 3 | 2.9 | 2.9 | 2.3 | 2.6 | 2.9 | 2.4 |
| Asset turnover | — | — | 0.9 | 1.07 | 0.78 | 1 | 1.26 | 0.85 |
| Return ratios | ||||||||
| Return on assets % | — | — | 4% | 4.4% | 3.1% | 4% | 5.4% | 3.5% |
| Return on capital employed % | — | — | 20.2% | 20.1% | 18.7% | 21.3% | 20% | 13.9% |
| Return on equity % | — | — | 11.4% | 11.2% | 8.6% | 10.3% | 10.5% | 6.2% |
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.