Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 39.8% | 41.7% | 41% | 41% | ||||
| 38.3% |
| 42.3% |
| 44.1% |
| 45.3% |
| EBITDA margin % | 14.1% | 15.6% | 15.6% | 12.2% | 9.2% | 12.9% | 13.9% | 18.2% |
| EBIT margin % | 9.6% | 10.9% | 10.6% | 7.6% | 3.6% | 6.5% | 8.3% | 12% |
| PAT margin % | 10.6% | 9.8% | 8% | 5.2% | 1.6% | 15.7% | 5.6% | 12.1% |
| Working capital | ||||||||
| Receivable days | — | — | 105 | 88 | 78 | 89 | 98 | 100 |
| Inventory days | — | — | 117 | 154 | 112 | 93 | 90 | 102 |
| Payable days | — | — | 151 | 154 | 128 | 130 | 127 | 146 |
| NWC days | — | — | 70 | 89 | 62 | 52 | 61 | 55 |
| Leverage | ||||||||
| Current ratio | — | — | 1.21 | 1.11 | 1.11 | 1.4 | 1.57 | 1.61 |
| Debt to EBITDA | — | — | 2.12 | 3.26 | 4.12 | 1.3 | 1.14 | 0.77 |
| Debt to equity | — | — | 0.73 | 0.91 | 0.92 | 0.32 | 0.18 | 0.13 |
| Interest coverage | 10.3 | 14.8 | 11.4 | 8.9 | 2 | 5.4 | 8.5 | 13.3 |
| Asset turnover | — | — | 0.89 | 0.86 | 0.92 | 1.02 | 0.75 | 0.66 |
| Return ratios | ||||||||
| Return on assets % | — | — | 7.1% | 4.5% | 1.5% | 16% | 4.2% | 8% |
| Return on capital employed % | — | — | 16.1% | 12.7% | 5.6% | 11.2% | 12.5% | 14.9% |
| Return on equity % | — | — | 17.7% | 12.1% | 3.9% | 30.3% | 6.2% | 11.5% |
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.