Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 66.9% | 69.3% | 69.8% | 64% | 63.7% | 70.9% | 80% | 68.9% |
| EBITDA margin % | 21.6% | 22.4% | 29.8% | 24% | 28.1% | 37.5% | 51.2% | 34.2% |
| EBIT margin % | 21.6% | 15.7% | 24% | 18% | 22.5% | 32.9% | 47.7% | 29.3% |
| PAT margin % | 24.7% | 22.3% | 19% | 10.8% | 17.5% | 31.8% | 38.2% | 31% |
| Working capital | ||||||||
| Receivable days | 119 | 141 | 89 | 104 | 147 | 160 | 197 | 270 |
| Inventory days | 250 | 261 | 276 | 245 | 205 | 195 | 236 | 222 |
| Payable days | — | — | 175 | 135 | 120 | 129 | 149 | 150 |
| NWC days | — | — | 191 | 214 | 232 | 227 | 284 | 342 |
| Leverage | ||||||||
| Current ratio | 1.52 | 1.39 | 1.25 | 1.7 | 2.57 | 3.11 | 1.95 | 2.91 |
| Debt to EBITDA | 2.38 | 2.08 | 1.43 | 1.12 | 1.96 | 1.52 | 1.08 | 1.89 |
| Debt to equity | 0.39 | 0.26 | 0.26 | 0.16 | 0.35 | 0.39 | 0.39 | 0.31 |
| Interest coverage | 22.8 | 7.9 | 27.5 | 12 | 9 | 11.9 | 17 | 10.4 |
| Asset turnover | 0.47 | 0.38 | 0.42 | 0.45 | 0.42 | 0.45 | 0.47 | 0.34 |
| Return ratios | ||||||||
| Return on assets % | 11.7% | 8.5% | 8% | 4.8% | 7.4% | 14.3% | 17.9% | 10.5% |
| Return on capital employed % | 19.9% | 15.4% | 14.6% | 11.8% | 16% | 23.6% | 34.4% | 19.1% |
| Return on equity % | 18.7% | 12.5% | 11.6% | 6.5% | 11.2% | 21.9% | 27.3% | 15% |
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.