Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 79.6% | 49.7% | 47.4% | 48.7% | 57.3% | 52.2% | 39.9% | 38.2% |
| EBITDA margin % | 25.8% | 24.3% | 14% | 20.4% | 32.1% | 25% | 13.9% | 12.6% |
| EBIT margin % | 16.9% | 15.9% | 2.7% | 13.5% | 27.9% | 20.8% | 9.4% | 7.3% |
| PAT margin % | 15% | 13.9% | 0.2% | 11% | 20.9% | 18.2% | 11.3% | 6.1% |
| Working capital | ||||||||
| Receivable days | 30 | 19 | 33 | 25 | 24 | 27 | 35 | 33 |
| Inventory days | 387 | 119 | 122 | 88 | 95 | 128 | 132 | 125 |
| Payable days | — | — | 35 | 39 | 32 | 29 | 34 | 23 |
| NWC days | — | — | 120 | 74 | 87 | 127 | 132 | 135 |
| Leverage | ||||||||
| Current ratio | 1.65 | 1.04 | 0.98 | 1.28 | 2.27 | 3.01 | 3.11 | 4.2 |
| Debt to EBITDA | 0.61 | 0.18 | 3.29 | 0.97 | 0.17 | 0.22 | 0.44 | 0.28 |
| Debt to equity | 0.28 | 0.07 | 0.48 | 0.26 | 0.07 | 0.06 | 0.06 | 0.03 |
| Interest coverage | 12.2 | 5 | 0.7 | 5.6 | 28.2 | 33.6 | 19.2 | 11.2 |
| Asset turnover | 1.03 | 0.83 | 0.6 | 0.85 | 1.05 | 0.83 | 0.73 | 0.73 |
| Return ratios | ||||||||
| Return on assets % | 15.5% | 11.5% | 0.1% | 9.4% | 21.9% | 15% | 8.3% | 4.5% |
| Return on capital employed % | 27.2% | 21.6% | 2.5% | 15.9% | 39.8% | 25.6% | 13.5% | 8.3% |
| Return on equity % | 26.8% | 21.3% | 0.2% | 14.5% | 28.6% | 19.2% | 10.5% | 5.4% |
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.