Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 36.1% | 38.2% | 37.2% | 38.6% | 34.1% | 34.9% | 35.5% | 34.4% |
| EBITDA margin % | 12.1% | 11% | 11.7% | 12.7% | 11% | 10.7% | 11% | 9.9% |
| EBIT margin % | 9% | 6.3% | 7.5% | 10.6% | 9% | 8.6% | 8.7% | 7.4% |
| PAT margin % | 4% | 1.5% | 2.8% | 5.8% | 4.8% | 5.1% | 4.7% | 3.9% |
| Working capital | ||||||||
| Receivable days | 35 | — | 54 | 40 | 32 | 37 | 40 | 43 |
| Inventory days | 95 | — | 165 | 108 | 101 | 90 | 95 | 102 |
| Payable days | — | — | 137 | 110 | 95 | 77 | 96 | 108 |
| NWC days | — | — | 82 | 38 | 37 | 49 | 39 | 38 |
| Leverage | ||||||||
| Current ratio | 0.93 | — | 0.96 | 1 | 0.97 | 1.01 | 1.03 | 1.09 |
| Debt to EBITDA | 3.46 | — | 4.6 | 1.72 | 1.44 | 2.25 | 1.7 | 1.62 |
| Debt to equity | 1.29 | — | 1.25 | 0.82 | 0.56 | 0.78 | 0.54 | 0.48 |
| Interest coverage | 2.2 | 1.4 | 1.8 | 4.6 | 4.5 | 3.8 | 3.4 | 3.2 |
| Asset turnover | 0.95 | — | 0.74 | 1.32 | 1.45 | 1.34 | 1.32 | 1.36 |
| Return ratios | ||||||||
| Return on assets % | 3.8% | — | 2.1% | 7.6% | 7% | 6.8% | 6.2% | 5.3% |
| Return on capital employed % | 15% | — | 10.7% | 27% | 24.4% | 22.4% | 20.3% | 18.8% |
| Return on equity % | 12.5% | — | 6.6% | 21.6% | 17.1% | 16.3% | 13.6% | 11.6% |
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.