Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 43.5% | 46.8% | 46.4% | 46.9% | 45.7% | 45.7% | 48.1% | 48.2% |
| EBITDA margin % | 10.6% | 9.7% | 12.5% | 13.1% | 13.5% | 14.7% | 15.7% | 15.7% |
| EBIT margin % | 6.8% | 4.7% | 7.4% | 9.1% | 9.8% | 11.4% | 11.8% | 11.9% |
| PAT margin % | 4.5% | 1.7% | 7.6% | 6.4% | 6.8% | 16.6% | 9.4% | 9.6% |
| Working capital | ||||||||
| Receivable days | 102 | — | — | 96 | 95 | 99 | 108 | 118 |
| Inventory days | 148 | — | — | 136 | 138 | 110 | 107 | 118 |
| Payable days | — | — | — | 182 | 0 | 145 | 144 | 161 |
| NWC days | — | — | — | 49 | 233 | 63 | 71 | 75 |
| Leverage | ||||||||
| Current ratio | 1.05 | — | — | 1.24 | 3.62 | 1.38 | 1.72 | 1.96 |
| Debt to EBITDA | 2.7 | — | — | 1.18 | 0.99 | 0.75 | 0.64 | 0.55 |
| Debt to equity | 0.75 | — | — | 0.33 | 0.27 | 0.17 | 0.14 | 0.11 |
| Interest coverage | 2.9 | 1.6 | 3.1 | 5.1 | 6.1 | 7.7 | 8.5 | 9.4 |
| Asset turnover | 1 | — | — | 1.08 | 1.06 | 0.94 | 0.91 | 0.85 |
| Return ratios | ||||||||
| Return on assets % | 4.5% | — | — | 6.9% | 7.2% | 15.5% | 8.6% | 8.2% |
| Return on capital employed % | 22% | — | — | 20.8% | 17.3% | 19.1% | 19.4% | 18.1% |
| Return on equity % | 11.8% | — | — | 13.8% | 13.6% | 25.3% | 13.2% | 12.3% |
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.