Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 59% | 58.9% | 56% | 56.1% | ||||
| 57.6% |
| 56.4% |
| 68.5% |
| 83.7% |
| EBITDA margin % | 18.2% | 16.1% | 14.5% | 10.7% | 11.5% | 13.6% | 5.5% | 18.7% |
| EBIT margin % | 15.4% | 13.7% | 11.6% | 7.3% | 8.7% | 10.8% | -4% | 9.5% |
| PAT margin % | 15.1% | 12.3% | 9.5% | 8.1% | 6.1% | 7.6% | -2.9% | 5.5% |
| Working capital | ||||||||
| Receivable days | 28 | 22 | 29 | 22 | 13 | 14 | 23 | 23 |
| Inventory days | 42 | 42 | 47 | 37 | 54 | 34 | 105 | 214 |
| Payable days | 50 | 48 | 97 | 56 | 87 | 59 | 106 | 234 |
| NWC days | 20 | 17 | -21 | 3 | -20 | -11 | 22 | 3 |
| Leverage | ||||||||
| Current ratio | 3.16 | 2.69 | 2.27 | 1.96 | 1.31 | 0.51 | 0.68 | 0.81 |
| Debt to EBITDA | 0.51 | 0.52 | 0.51 | 0.33 | 0.12 | 0.23 | 3.88 | 0.95 |
| Debt to equity | 0.15 | 0.13 | 0.1 | 0.06 | 0.03 | 0.05 | 0.26 | 0.25 |
| Interest coverage | 14.4 | 13.8 | 17.1 | 14.8 | 20.9 | 27.2 | -3.3 | 5.6 |
| Asset turnover | 1.1 | 1.1 | 0.88 | 1.14 | 1.27 | 1.19 | 0.73 | 0.86 |
| Return ratios | ||||||||
| Return on assets % | 16.6% | 13.5% | 8.3% | 9.2% | 7.7% | 9.1% | -2.1% | 4.7% |
| Return on capital employed % | 24% | 20.2% | 14.8% | 11.9% | 16.3% | 20.5% | -3.4% | 12.1% |
| Return on equity % | 24.3% | 19.6% | 12.3% | 13.6% | 11.2% | 13.1% | -3.6% | 7.8% |
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.