Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 88.5% | 85.3% | 87.1% | 83% | ||||
| 81.6% |
| 79.4% |
| 74.5% |
| 73.7% |
| EBITDA margin % | 70% | 65.7% | 66.3% | 64.6% | 64.2% | 62.3% | 54% | 52.6% |
| EBIT margin % | 52.3% | 45.7% | 54.1% | 56.4% | 51.4% | 49.9% | 40.5% | 35.4% |
| PAT margin % | 38.1% | 40.3% | 48.8% | 46.9% | 45.7% | 45.2% | 42.7% | 34% |
| Working capital | ||||||||
| Receivable days | 108 | 140 | 163 | 148 | 143 | 107 | 111 | 124 |
| Inventory days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | — | 203 | 235 | 125 | 126 | 109 | 99 | 137 |
| NWC days | — | -62 | -72 | 24 | 17 | -3 | 12 | -13 |
| Leverage | ||||||||
| Current ratio | 7.5 | 7.17 | 6.14 | 7.82 | 7.13 | 8.08 | 9.33 | 7.79 |
| Debt to EBITDA | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt to equity | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest coverage | 1,295.5 | 232.1 | 89.1 | 77.3 | 417.8 | 557.4 | 228.6 | 210.4 |
| Asset turnover | 0.6 | 0.54 | 0.4 | 0.4 | 0.37 | 0.37 | 0.31 | 0.31 |
| Return ratios | ||||||||
| Return on assets % | 23% | 21.7% | 19.5% | 18.8% | 16.8% | 16.8% | 13.4% | 10.4% |
| Return on capital employed % | 41.6% | 31.9% | 30.7% | 29.5% | 26% | 26.2% | 20.5% | 16.6% |
| Return on equity % | 25.6% | 24.4% | 21.9% | 20.4% | 18.3% | 18.1% | 14.5% | 11.3% |
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.