Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 36.2% | 35.7% | 34.6% | 33.4% | ||||
| 32.6% |
| 32.8% |
| 33.7% |
| 34.4% |
| EBITDA margin % | 10.2% | 8.9% | 9.2% | 8.7% | 9.5% | 10.4% | 10.4% | 11.1% |
| EBIT margin % | 7.3% | 4.6% | 4.4% | 4.9% | 6.5% | 7.3% | 6.9% | 7.6% |
| PAT margin % | 6.9% | 3.4% | 3.2% | 4% | 6.4% | 6.5% | 6.4% | 6.6% |
| Working capital | ||||||||
| Receivable days | 96 | 62 | 68 | 65 | 58 | 59 | 54 | 48 |
| Inventory days | 69 | 51 | 56 | 52 | 48 | 54 | 47 | 48 |
| Payable days | 14 | 14 | 118 | 96 | 75 | 77 | 64 | 65 |
| NWC days | 150 | 99 | 6 | 21 | 31 | 36 | 37 | 31 |
| Leverage | ||||||||
| Current ratio | 1.06 | 0.71 | 0.72 | 1.14 | 1.25 | 1.22 | 1.2 | 1.14 |
| Debt to EBITDA | 2.49 | 2.18 | 1.98 | 0.87 | 1.21 | 0.55 | 1.43 | 1.11 |
| Debt to equity | 0.43 | 0.46 | 0.41 | 0.14 | 0.25 | 0.14 | 0.39 | 0.31 |
| Interest coverage | 13.4 | 4.5 | 5.6 | 9.5 | 16.9 | 12.5 | 8.4 | 9.8 |
| Asset turnover | 0.84 | 0.9 | 0.97 | 1.17 | 1.28 | 1.36 | 1.4 | 1.43 |
| Return ratios | ||||||||
| Return on assets % | 5.8% | 3% | 3.1% | 4.6% | 8.2% | 8.8% | 8.9% | 9.5% |
| Return on capital employed % | 15% | 11.6% | 10.8% | 13.1% | 17.3% | 20.2% | 21.1% | 21.6% |
| Return on equity % | 11.7% | 7.9% | 7.2% | 7.4% | 13.7% | 15.4% | 16.6% | 16.8% |
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.