Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 88.4% | 87.4% | 85.7% | 84.7% | 83.8% | 84.2% |
| EBITDA margin % | 4.4% | 3.9% | 3.9% | 3.2% | 2.8% | 3.3% | 3.9% | 4.9% |
| EBIT margin % | 3.8% | 3.4% | 3.4% | 2.7% | 2.3% | 2.5% | 3.1% | 4.1% |
| PAT margin % | 2.3% | 2.4% | 2.6% | 2% | 1.6% | 1.7% | 2% | 2.9% |
| Working capital | ||||||||
| Receivable days | 29 | 32 | 25 | 22 | 24 | 23 | 25 | 21 |
| Inventory days | 17 | 15 | 148 | 124 | 143 | 120 | 142 | 129 |
| Payable days | — | — | 80 | 70 | 55 | 41 | 41 | 36 |
| NWC days | — | — | 94 | 76 | 112 | 102 | 126 | 113 |
| Leverage | ||||||||
| Current ratio | 1.57 | 1.69 | 2.11 | 2.46 | 1.73 | 1.71 | 1.63 | 1.92 |
| Debt to EBITDA | 0.92 | 1.08 | 0.67 | 0.47 | 1.94 | 1.46 | 0.94 | 0.32 |
| Debt to equity | 0.25 | 0.26 | 0.15 | 0.1 | 0.32 | 0.31 | 0.23 | 0.1 |
| Interest coverage | 9.1 | 10.4 | 17 | 26.6 | 13.4 | 6.8 | 7.3 | 13.8 |
| Asset turnover | 3.61 | 3.83 | 4 | 4.55 | 3.48 | 3.84 | 3.74 | 4.28 |
| Return ratios | ||||||||
| Return on assets % | 8.4% | 9.2% | 10.4% | 9.2% | 5.6% | 6.3% | 7.5% | 12.3% |
| Return on capital employed % | 23.5% | 21.3% | 21.5% | 17.6% | 12.7% | 14.9% | 18.4% | 26.8% |
| Return on equity % | 14.3% | 15% | 15.3% | 12.7% | 9.5% | 10.8% | 12.8% | 18.5% |
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.