Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 89% | 89.4% | 87.9% | 89% | ||||
| 90.1% |
| 91.1% |
| 91.5% |
| 91.3% |
| EBITDA margin % | 21.8% | 23.7% | -2.3% | 22.8% | 31% | 31.6% | 30.9% | 31% |
| EBIT margin % | 16.6% | 18.3% | -19.9% | 15.9% | 27.2% | 28.2% | 28% | 28.3% |
| PAT margin % | 7.7% | 7.6% | -28.1% | 4.4% | 20.8% | 18.2% | 21.1% | 24.7% |
| Working capital | ||||||||
| Receivable days | 21 | 18 | 37 | 15 | 22 | 17 | 14 | 28 |
| Inventory days | 2 | 89 | 228 | 107 | 77 | 72 | 79 | 88 |
| Payable days | — | — | 1,580 | 784 | 703 | 739 | 872 | 615 |
| NWC days | — | — | -1,316 | -662 | -604 | -650 | -779 | -500 |
| Leverage | ||||||||
| Current ratio | — | — | 0.42 | 0.6 | 1.04 | 1.13 | 1.31 | 1.05 |
| Debt to EBITDA | 2.32 | 1.9 | — | 3.29 | 0.81 | 0.5 | 0 | 0.47 |
| Debt to equity | 0.41 | 0.35 | 0.47 | 0.43 | 0.2 | 0.12 | 0 | 0.09 |
| Interest coverage | 2.8 | 2.6 | -0.8 | 2 | 8.6 | 9.1 | 15.5 | 34.9 |
| Asset turnover | 0.45 | 0.42 | 0.13 | 0.31 | 0.5 | 0.5 | 0.53 | 0.45 |
| Return ratios | ||||||||
| Return on assets % | 3.4% | 3.2% | -3.7% | 1.4% | 10.4% | 9.2% | 11.1% | 11.2% |
| Return on capital employed % | 9.5% | 9.2% | -2.5% | 6.1% | 21.1% | 17.7% | 19.4% | 19.9% |
| Return on equity % | 6.2% | 5.9% | -6.9% | 2.5% | 16.8% | 13.7% | 15.1% | 16% |
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.