Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 38.3% | 39.8% | ||||
| 39.8% |
| 38.3% |
| 40.2% |
| 39.7% |
| EBITDA margin % | 10.8% | 16% | 18.5% | 20.2% | 19.3% | 17.6% | 16% | 13.1% |
| EBIT margin % | 9.6% | 14.1% | 16.6% | 18.7% | 17.7% | 15.9% | 13.9% | 10.8% |
| PAT margin % | 5.9% | 8.1% | 11% | 12.7% | 11.6% | 10% | 7.8% | 6.2% |
| Working capital | ||||||||
| Receivable days | — | — | 94 | 76 | 62 | 60 | 78 | 95 |
| Inventory days | 34 | 35 | 44 | 39 | 46 | 42 | 72 | 50 |
| Payable days | — | 0 | 47 | 71 | 67 | 73 | 90 | 68 |
| NWC days | — | — | 91 | 44 | 41 | 29 | 60 | 77 |
| Leverage | ||||||||
| Current ratio | 1.23 | 1.4 | 1.88 | 1.41 | 1.25 | 1.29 | 1.38 | 1.21 |
| Debt to EBITDA | 2 | 1.69 | 1.33 | 0.78 | 0.99 | 1.38 | 1.95 | 2.93 |
| Debt to equity | 0.53 | 0.52 | 0.45 | 0.35 | 0.38 | 0.38 | 0.48 | 0.65 |
| Interest coverage | 4 | 4.6 | 6.2 | 8.5 | 8 | 6 | 3.9 | 3.5 |
| Asset turnover | 1.28 | 1.06 | 1.08 | 1.31 | 1.17 | 0.95 | 0.86 | 0.88 |
| Return ratios | ||||||||
| Return on assets % | 7.6% | 8.5% | 11.8% | 16.7% | 13.6% | 9.5% | 6.7% | 5.5% |
| Return on capital employed % | 22.2% | 22.6% | 25.1% | 37.5% | 32.3% | 21.3% | 17.2% | 15.3% |
| Return on equity % | 14.5% | 15.6% | 20% | 28% | 23.2% | 15.9% | 11.9% | 10.6% |
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.