Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 73.2% | 73.5% | 74.1% | 71.7% | ||||
| 72.2% |
| 75% |
| 76.9% |
| 78.4% |
| EBITDA margin % | 28% | 31.1% | 34.1% | 31.2% | 32% | 33.9% | 36.9% | 37.9% |
| EBIT margin % | 17.9% | 21.2% | 24.6% | 22.2% | 23.3% | 25% | 29.1% | 30.7% |
| PAT margin % | 12.9% | 15.2% | 17.6% | 14.7% | 13.7% | 15.9% | 19.5% | 20.5% |
| Working capital | ||||||||
| Receivable days | 86 | 89 | 87 | 83 | 82 | 67 | 82 | 90 |
| Inventory days | 321 | 336 | 418 | 344 | 273 | 268 | 254 | 241 |
| Payable days | 138 | 152 | 4 | 119 | 104 | 130 | 125 | 127 |
| NWC days | 269 | 273 | 501 | 308 | 251 | 205 | 211 | 204 |
| Leverage | ||||||||
| Current ratio | 1.21 | 1.13 | 1.6 | 1.68 | 1.15 | 1.25 | 1.46 | 1.07 |
| Debt to EBITDA | 2.77 | 2.04 | 2 | 1.59 | 1.85 | 1.15 | 0.71 | 3.49 |
| Debt to equity | 0.89 | 0.76 | 0.73 | 0.53 | 0.71 | 0.49 | 0.34 | 1.68 |
| Interest coverage | 2.9 | 3.6 | 5 | 7.2 | 6.3 | 7.3 | 13.4 | 9.7 |
| Asset turnover | 0.48 | 0.52 | 0.55 | 0.6 | 0.6 | 0.69 | 0.75 | 0.41 |
| Return ratios | ||||||||
| Return on assets % | 6.2% | 7.9% | 9.7% | 8.9% | 8.2% | 11% | 14.7% | 8.5% |
| Return on capital employed % | 15.9% | 17.7% | 19.3% | 19% | 20.6% | 23.6% | 29.6% | 21.3% |
| Return on equity % | 14.9% | 18.3% | 18.9% | 15.6% | 16.3% | 19.9% | 24.9% | 25.9% |
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.