Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 63.5% | 59% | 65.3% | 66% | ||||
| 59.6% |
| 63.7% |
| 67.5% |
| 64.9% |
| EBITDA margin % | 16.8% | 10.7% | 17.5% | 21% | 15.8% | 17.7% | 16.5% | 16.3% |
| EBIT margin % | 13.8% | 6.5% | 11.6% | 16.6% | 12.2% | 14% | 12.7% | 12.6% |
| PAT margin % | 9% | 8.4% | 6.7% | 11.3% | 9.8% | 10.9% | 8.5% | 7.9% |
| Working capital | ||||||||
| Receivable days | 57 | 41 | 55 | 31 | 16 | 32 | 39 | 37 |
| Inventory days | 319 | 267 | 441 | 432 | 228 | 228 | 331 | 223 |
| Payable days | 130 | 88 | 135 | 120 | 54 | 65 | 79 | 57 |
| NWC days | 245 | 220 | 362 | 343 | 190 | 195 | 290 | 203 |
| Leverage | ||||||||
| Current ratio | 1.48 | 1.57 | 1.71 | 1.82 | 1.68 | 2.26 | 1.47 | 1.42 |
| Debt to EBITDA | 1.5 | 2.56 | 1.79 | 1.12 | 1.28 | 0.76 | 1.59 | 1.49 |
| Debt to equity | 0.4 | 0.4 | 0.33 | 0.28 | 0.28 | 0.16 | 0.3 | 0.29 |
| Interest coverage | 18.2 | 3.3 | 4.9 | 12.4 | 8.8 | 11.4 | 6.6 | 5.4 |
| Asset turnover | 0.88 | 0.86 | 0.65 | 0.73 | 0.94 | 0.91 | 0.77 | 0.81 |
| Return ratios | ||||||||
| Return on assets % | 7.9% | 7.2% | 4.4% | 8.3% | 9.1% | 9.9% | 6.6% | 6.4% |
| Return on capital employed % | 19.7% | 12.4% | 10.7% | 18.9% | 18.5% | 18.6% | 14.6% | 14.8% |
| Return on equity % | 14.4% | 12.2% | 7% | 13.2% | 13.6% | 13.3% | 9.7% | 9.4% |
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.