Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 40.2% | 41% | 38.6% | 38% | 40.8% | 42.1% | 41.2% |
| EBITDA margin % | 11.2% | 12.2% | 13.1% | 12.9% | 14.6% | 15.2% | 16.9% | 16.3% |
| EBIT margin % | 6.7% | 6.7% | 7.3% | 7.7% | 10.2% | 10.5% | 12.6% | 11.8% |
| PAT margin % | 3.6% | 4.2% | 3.8% | 4.7% | 8.4% | 7.3% | 8.3% | 5.6% |
| Working capital | ||||||||
| Receivable days | 67 | 68 | 73 | 79 | 76 | 86 | 95 | 89 |
| Inventory days | 64 | 94 | 101 | 98 | 96 | 82 | 77 | 84 |
| Payable days | — | — | — | 88 | 66 | 74 | 78 | 75 |
| NWC days | — | — | — | 89 | 106 | 93 | 94 | 98 |
| Leverage | ||||||||
| Current ratio | 0.96 | 1.03 | 1.03 | 1.04 | 1.14 | 1.24 | 1.22 | 1.25 |
| Debt to EBITDA | 3.03 | 2.93 | 1.13 | 2.98 | 2.19 | 2.05 | 1.99 | 1.97 |
| Debt to equity | 1.13 | 1.16 | 0.44 | 1.18 | 0.99 | 0.84 | 0.88 | 0.77 |
| Interest coverage | 2.5 | 2.1 | 2.3 | 3.1 | 4.2 | 3.7 | 4.1 | 3 |
| Asset turnover | 1.12 | 1.09 | 1.06 | 1.05 | 1.21 | 1.14 | 1.08 | 1.05 |
| Return ratios | ||||||||
| Return on assets % | 4% | 4.6% | 4% | 4.9% | 10.1% | 8.3% | 9% | 5.9% |
| Return on capital employed % | 17.7% | 17.9% | 17.5% | 19.5% | 29.5% | 26.1% | 25.7% | 22.6% |
| Return on equity % | 12% | 13.6% | 11.2% | 14.3% | 26% | 19.7% | 21.8% | 13.5% |
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.