Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 36.5% | 35.4% | 29.5% | ||||
| 27.8% |
| 38.1% |
| 42.1% |
| 47.4% |
| EBITDA margin % | 18.5% | 17.4% | 17.2% | 14.8% | 15.1% | 22.5% | 24.6% | 28% |
| EBIT margin % | 16.8% | 15.2% | 14.8% | 12.9% | 13.7% | 20.7% | 22.9% | 26.2% |
| PAT margin % | 11.5% | 14.1% | 11.9% | 10.3% | 10.7% | 16% | 18% | 21.9% |
| Working capital | ||||||||
| Receivable days | 41 | 50 | 68 | 43 | 47 | 59 | 64 | 64 |
| Inventory days | 25 | 38 | 51 | 56 | 56 | 42 | 56 | 50 |
| Payable days | — | — | 67 | 69 | 48 | 53 | 26 | 25 |
| NWC days | — | — | 52 | 30 | 55 | 48 | 94 | 90 |
| Leverage | ||||||||
| Current ratio | 1.74 | 2.19 | 2.01 | 1.71 | 1.8 | 2.5 | 2.2 | 2.21 |
| Debt to EBITDA | 0.27 | 0.39 | 0.46 | 0.41 | 0.67 | 0.37 | 0.18 | 0.09 |
| Debt to equity | 0.09 | 0.1 | 0.11 | 0.11 | 0.24 | 0.13 | 0.06 | 0.03 |
| Interest coverage | — | 21.7 | 39.8 | 40.9 | 22.8 | 28 | 38.2 | 64.1 |
| Asset turnover | 1.29 | 1.09 | 0.99 | 1.26 | 1.5 | 1.15 | 1 | 1.01 |
| Return ratios | ||||||||
| Return on assets % | 14.8% | 15.4% | 11.8% | 13% | 16.1% | 18.4% | 18.1% | 22.1% |
| Return on capital employed % | 31.4% | 24.4% | 21.1% | 25.2% | 34.6% | 35.1% | 35.5% | 40.8% |
| Return on equity % | 21.6% | 20.9% | 16.3% | 19.2% | 25.2% | 25.4% | 26.2% | 28.9% |
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.