Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 26.2% | 24.4% | 25.4% | 25.2% | 17.9% | 14.9% | 15.2% | 16.3% |
| EBITDA margin % | 16.2% | 13.8% | 14% | 12.1% | 9.7% | 7.2% | 6.4% | 6.1% |
| EBIT margin % | 15.3% | 12.7% | 12.4% | 10.4% | 9.1% | 6.6% | 5.8% | 5.5% |
| PAT margin % | 8.1% | 6.7% | 6.9% | 6.4% | 5.3% | 3.8% | 2.9% | 1.5% |
| Working capital | ||||||||
| Receivable days | 214 | 222 | 280 | 195 | 129 | 83 | 152 | 213 |
| Inventory days | 190 | 250 | 244 | 280 | 147 | 125 | 130 | 153 |
| Payable days | — | — | 174 | 129 | 137 | 82 | 124 | 139 |
| NWC days | — | — | 350 | 347 | 140 | 125 | 158 | 227 |
| Leverage | ||||||||
| Current ratio | 1.49 | 1.56 | 1.64 | 1.93 | 1.72 | 1.68 | 1.49 | 1.44 |
| Debt to EBITDA | 2.36 | 3.19 | 3.45 | 3.53 | 2.36 | 1.62 | 4.33 | 6.36 |
| Debt to equity | 1.1 | 1.07 | 0.82 | 0.56 | 0.58 | 0.36 | 0.81 | 0.99 |
| Interest coverage | 4.4 | 2.7 | 2.7 | 3 | 3.8 | 3.3 | 2.5 | 1.5 |
| Asset turnover | 0.8 | 0.72 | 0.62 | 0.62 | 0.94 | 1.23 | 0.99 | 0.78 |
| Return ratios | ||||||||
| Return on assets % | 6.5% | 4.9% | 4.3% | 4% | 5% | 4.7% | 2.8% | 1.1% |
| Return on capital employed % | 37.1% | 22.6% | 18.1% | 14.2% | 20.2% | 18.6% | 15.6% | 12.9% |
| Return on equity % | 23.1% | 16.3% | 11.7% | 8.4% | 13.6% | 11.7% | 8.4% | 3.8% |
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.