Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 71.9% | 67.1% | ||||
| 64.7% |
| 69.1% |
| 69.1% |
| 68.9% |
| EBITDA margin % | 35% | 34.7% | 19.8% | 18.3% | 14.4% | 16.9% | 13.9% | 10.6% |
| EBIT margin % | 23.9% | 23.2% | 10.5% | 11% | 8.6% | 10.9% | 7.4% | 5% |
| PAT margin % | 10.1% | 16.3% | 16.2% | 12.9% | 9.7% | 11.6% | 1.2% | 1% |
| Working capital | ||||||||
| Receivable days | 122 | — | 87 | 88 | 84 | 74 | 90 | 71 |
| Inventory days | 174 | — | 178 | 136 | 112 | 136 | 119 | 106 |
| Payable days | 18 | — | — | — | 151 | 143 | 131 | 146 |
| NWC days | 278 | — | — | — | 46 | 67 | 78 | 31 |
| Leverage | ||||||||
| Current ratio | 2.25 | — | 3.31 | 3.22 | 2.89 | 3.12 | 3.58 | 4.1 |
| Debt to EBITDA | 0.74 | — | 0.49 | 0.48 | 0.46 | 0.52 | 0.83 | 0.66 |
| Debt to equity | 0.18 | — | 0.05 | 0.06 | 0.05 | 0.07 | 0.08 | 0.05 |
| Interest coverage | 38.6 | 39.9 | 44 | 29.3 | 23.4 | 22.6 | 14.7 | 18 |
| Asset turnover | 0.43 | — | 0.45 | 0.56 | 0.64 | 0.63 | 0.57 | 0.55 |
| Return ratios | ||||||||
| Return on assets % | 4.4% | — | 7.2% | 7.2% | 6.2% | 7.4% | 0.7% | 0.5% |
| Return on capital employed % | 14.9% | — | 9.3% | 10.1% | 10.8% | 12% | 8.5% | 8.8% |
| Return on equity % | 7.2% | — | 8.7% | 8.6% | 7.4% | 8.8% | 0.8% | 0.7% |
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.