Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | — | — | 70.7% | 70.4% | 71.8% |
| EBITDA margin % | 16.2% | 19.4% | 25% | 21.1% | 22.8% | 23.1% | 20.1% | 21.8% |
| EBIT margin % | 12% | 14% | 16.9% | 15.3% | 17.5% | 17.2% | 12.9% | 14.8% |
| PAT margin % | 5.1% | 8% | 11.5% | 8.8% | 10.5% | 9.5% | 6.1% | 9.8% |
| Working capital | ||||||||
| Receivable days | 98 | 92 | 99 | 104 | 86 | 101 | 123 | 117 |
| Inventory days | 83 | 88 | 101 | 97 | 126 | 354 | 394 | 373 |
| Payable days | 49 | 41 | — | — | — | 143 | 146 | 159 |
| NWC days | 131 | 140 | — | — | — | 312 | 370 | 331 |
| Leverage | ||||||||
| Current ratio | 1.19 | 1.26 | 1.25 | 1.22 | 1.14 | 1.09 | 1.05 | 1.38 |
| Debt to EBITDA | 2.45 | 1.81 | 2.08 | 2.83 | 2.47 | 2.92 | 3.51 | 2.13 |
| Debt to equity | 1.13 | 0.87 | 0.98 | 1.23 | 1.2 | 1.37 | 1.29 | 0.63 |
| Interest coverage | 3.6 | 3.6 | 4.6 | 3.7 | 3.5 | 3.3 | 2.2 | 3.1 |
| Asset turnover | 0.97 | 0.96 | 0.75 | 0.77 | 0.81 | 0.72 | 0.66 | 0.69 |
| Return ratios | ||||||||
| Return on assets % | 5% | 7.6% | 8.6% | 6.8% | 8.4% | 6.9% | 4.1% | 6.7% |
| Return on capital employed % | 23.4% | 24.7% | 25.1% | 23.1% | 29.4% | 25.5% | 18.6% | 23.4% |
| Return on equity % | 14.7% | 19.9% | 21.6% | 18.2% | 22.4% | 19.4% | 11.2% | 13.2% |
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.