Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 98.7% | 98.7% | 98.8% | 98.7% | 98.9% | 98.5% | — | 99% |
| EBITDA margin % | 5.7% | 6.4% | 5.7% | 4.4% | 4.7% | 5.9% | 5.6% | 5.7% |
| EBIT margin % | 4.5% | 4.6% | 4.3% | 3.3% | 3.3% | 4.3% | 4.2% | 4.3% |
| PAT margin % | 4.8% | 2.9% | 1.9% | 4% | 4.8% | 4.1% | 2.6% | 1.9% |
| Working capital | ||||||||
| Receivable days | — | — | 54 | 56 | 63 | 64 | 51 | 49 |
| Inventory days | — | — | 179 | 125 | 128 | 98 | 1 | 125 |
| Payable days | — | — | 79 | 111 | 190 | 145 | 3 | 215 |
| NWC days | — | — | 154 | 70 | 0 | 17 | 49 | -41 |
| Leverage | ||||||||
| Current ratio | — | — | 1.41 | 1.03 | 1.28 | 1.2 | 1.44 | 1.41 |
| Debt to EBITDA | — | — | 3.42 | 2.94 | 4.07 | 3.2 | 3.12 | 1.57 |
| Debt to equity | — | — | 0.72 | 0.51 | 0.8 | 0.83 | 0.75 | 0.45 |
| Interest coverage | 2.8 | 2.4 | 2.2 | 3.1 | 3 | 3.2 | 2.8 | 5.2 |
| Asset turnover | — | — | 1.49 | 1.67 | 1.72 | 1.76 | 1.76 | 2.09 |
| Return ratios | ||||||||
| Return on assets % | — | — | 2.8% | 6.7% | 8.2% | 7.2% | 4.6% | 3.9% |
| Return on capital employed % | — | — | 13% | 15.2% | 16.7% | 19.9% | 15.9% | 23.6% |
| Return on equity % | — | — | 7% | 16% | 20.1% | 18.2% | 11.2% | 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.