Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 31.1% | 34.4% | 35.3% | 28.9% | 28.9% | 32.9% | 40.4% | 41.4% |
| EBITDA margin % | 14.5% | 14.8% | 15.1% | 13.9% | 13.8% | 14.8% | 16.2% | 17.7% |
| EBIT margin % | 10.9% | 9.6% | 9.2% | 9.8% | 9.7% | 10.3% | 11.1% | 11.6% |
| PAT margin % | 3.8% | 3.3% | 5.6% | 5.4% | 5.4% | 7.5% | 7% | 6.1% |
| Working capital | ||||||||
| Receivable days | 107 | 97 | 121 | 78 | 60 | 64 | 55 | 40 |
| Inventory days | 85 | 134 | 171 | 147 | 112 | 122 | 126 | 143 |
| Payable days | — | — | 115 | 119 | 117 | 103 | 128 | 89 |
| NWC days | — | — | 178 | 106 | 55 | 83 | 53 | 95 |
| Leverage | ||||||||
| Current ratio | 1.1 | 1.1 | 1.12 | 1.19 | 1.2 | 1.25 | 1.17 | 1.33 |
| Debt to EBITDA | 2.53 | 2.58 | 3.25 | 2.45 | 1.91 | 3.02 | 2.35 | 2.48 |
| Debt to equity | 1.33 | 0.96 | 1.08 | 1.14 | 0.87 | 1.29 | 0.65 | 0.73 |
| Interest coverage | 2.4 | 1.6 | 2.3 | 2.8 | 2.8 | 3.4 | 3.1 | 2.7 |
| Asset turnover | 1.07 | 0.88 | 0.74 | 1 | 1.12 | 0.9 | 0.78 | 0.77 |
| Return ratios | ||||||||
| Return on assets % | 4.1% | 2.9% | 4.1% | 5.4% | 6% | 6.8% | 5.5% | 4.7% |
| Return on capital employed % | 25.6% | 18.2% | 20.5% | 26.8% | 25.1% | 26.7% | 20.4% | 16.4% |
| Return on equity % | 13.9% | 8.2% | 12.2% | 18.3% | 17.6% | 21.7% | 12.1% | 10.3% |
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.