Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 25.2% | 26% | 22.3% | 20.7% | ||||
| 21.2% |
| 23.5% |
| 24.2% |
| 22.4% |
| EBITDA margin % | 11.4% | 11.5% | 10.2% | 8.1% | 9% | 9.7% | 9% | 8.3% |
| EBIT margin % | 9.2% | 9% | 7.6% | 6.1% | 7.4% | 8% | 7.4% | 6.7% |
| PAT margin % | 4.3% | 4.7% | 3.4% | 2.9% | 3.6% | 3.8% | 4.5% | 3.1% |
| Working capital | ||||||||
| Receivable days | — | — | 108 | 97 | 99 | 103 | 108 | 92 |
| Inventory days | — | — | 138 | 131 | 123 | 122 | 127 | 127 |
| Payable days | — | — | 46 | 43 | 50 | 42 | 57 | 48 |
| NWC days | — | — | 200 | 185 | 173 | 183 | 177 | 171 |
| Leverage | ||||||||
| Current ratio | — | — | 1.34 | 1.34 | 1.37 | 1.46 | 1.43 | 1.39 |
| Debt to EBITDA | — | — | 3.23 | 3.88 | 2.99 | 2.79 | 3.35 | 3.76 |
| Debt to equity | — | — | 0.6 | 0.71 | 0.68 | 0.66 | 0.79 | 0.92 |
| Interest coverage | 2.6 | 2.4 | 2.3 | 2.5 | 2.9 | 2.8 | 2.6 | 2.5 |
| Asset turnover | — | — | 0.9 | 1.06 | 1.16 | 1.17 | 1.19 | 1.28 |
| Return ratios | ||||||||
| Return on assets % | — | — | 3.1% | 3% | 4.1% | 4.5% | 5.3% | 4% |
| Return on capital employed % | — | — | 13.1% | 13.3% | 18.7% | 19.9% | 19.9% | 19.2% |
| Return on equity % | — | — | 6.2% | 6.4% | 9% | 9.3% | 11.7% | 9.3% |
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.