Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 25.6% | 24.4% | 21.3% | 20.7% | 23.2% | 23.1% | 22.6% | 23.5% |
| EBITDA margin % | 9.8% | 9.2% | 9.2% | 8.1% | 12.7% | 13.9% | 13.5% | 12% |
| EBIT margin % | 9.3% | 8.8% | 8.9% | 7.9% | 12.5% | 13.7% | 13.4% | 11.9% |
| PAT margin % | 5.9% | 3.4% | 4% | 4.3% | 0.1% | 9.4% | 9.4% | 10.2% |
| Working capital | ||||||||
| Receivable days | 325 | 345 | 327 | 309 | 218 | 264 | 233 | 255 |
| Inventory days | 3 | 2 | 2 | 2 | 3 | 2 | 3 | 2 |
| Payable days | 3 | 4 | — | 202 | 178 | 168 | 158 | 174 |
| NWC days | 325 | 343 | — | 109 | 44 | 98 | 77 | 82 |
| Leverage | ||||||||
| Current ratio | 1.33 | 1.33 | 1.33 | 1.42 | 1.38 | 1.66 | 1.65 | 1.65 |
| Debt to EBITDA | 2.39 | 2.52 | 2.6 | 2.29 | 0.69 | 0.47 | 0.6 | 0.23 |
| Debt to equity | 0.64 | 0.58 | 0.63 | 0.46 | 0.16 | 0.11 | 0.13 | 0.04 |
| Interest coverage | 3.4 | 2.3 | 2.3 | 2.6 | 5.8 | 6.3 | 7.1 | 9.6 |
| Asset turnover | 0.62 | 0.58 | 0.61 | 0.69 | 0.76 | 0.68 | 0.65 | 0.65 |
| Return ratios | ||||||||
| Return on assets % | 3.6% | 1.9% | 2.4% | 3% | 0% | 6.3% | 6.2% | 6.7% |
| Return on capital employed % | 15.4% | 14.8% | 14.1% | 14.2% | 23.4% | 21.9% | 19.9% | 21.1% |
| Return on equity % | 16% | 8.4% | 10.4% | 10.6% | 0.1% | 15.8% | 15.2% | 15.9% |
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.