Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 33.5% | 36.8% | 33.9% | ||||
| 37.2% |
| 37.2% |
| 35.5% |
| 37.5% |
| EBITDA margin % | 14.6% | 10.5% | 14% | 9% | 13.5% | 13.7% | 9.3% | 11.3% |
| EBIT margin % | 10.9% | 6.5% | 9.5% | 2.5% | 7.7% | 8.3% | 4% | 5.6% |
| PAT margin % | 8.7% | 9.6% | 10.2% | 2.8% | 6.4% | 7.7% | 4.6% | 6.4% |
| Working capital | ||||||||
| Receivable days | 41 | 49 | 51 | 53 | 44 | 40 | 49 | 47 |
| Inventory days | 61 | 77 | 104 | 98 | 106 | 97 | 91 | 115 |
| Payable days | 0 | 0 | 74 | 91 | 83 | 58 | 54 | 72 |
| NWC days | 101 | 125 | 82 | 61 | 68 | 79 | 85 | 90 |
| Leverage | ||||||||
| Current ratio | 2.1 | 1.49 | 1.66 | 1.51 | 1.48 | 2.2 | 2.68 | 2.57 |
| Debt to EBITDA | 0.63 | 1.22 | 1.98 | 2.21 | 1.19 | 0.46 | 0.52 | 0 |
| Debt to equity | 0.24 | 0.34 | 0.51 | 0.34 | 0.31 | 0.12 | 0.09 | 0 |
| Interest coverage | 11.9 | 16.2 | 18.4 | 2.7 | 5.3 | 8.9 | 6.6 | 9.3 |
| Asset turnover | 1.53 | 1.42 | 0.86 | 0.86 | 1.03 | 1.21 | 1.22 | 1.15 |
| Return ratios | ||||||||
| Return on assets % | 13.4% | 13.6% | 8.8% | 2.4% | 6.6% | 9.3% | 5.6% | 7.4% |
| Return on capital employed % | 33.6% | 31.1% | 21.1% | 7% | 15.2% | 17.9% | 10.9% | 14.2% |
| Return on equity % | 22.8% | 25% | 19% | 4.8% | 12.4% | 14.5% | 8.2% | 10.3% |
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.