Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 52.4% | 47.2% | 47.3% | 48% | 48.1% | 46.5% | 46.7% | 46.9% |
| EBITDA margin % | 14.4% | 12.5% | 12.1% | 13% | 12.2% | 13.5% | 12.8% | 12.9% |
| EBIT margin % | 12.2% | 10.1% | 9.2% | 10.7% | 10.3% | 11.7% | 10.8% | 10.8% |
| PAT margin % | 5.2% | 4.6% | 4.8% | 5.7% | 6% | 7.2% | 6.8% | 7% |
| Working capital | ||||||||
| Receivable days | 53 | 57 | 68 | — | 51 | 59 | 57 | 68 |
| Inventory days | 134 | 128 | 144 | — | 115 | 99 | 120 | 102 |
| Payable days | 2 | 115 | 134 | — | 79 | 55 | 51 | 44 |
| NWC days | 185 | 69 | 78 | — | 87 | 103 | 126 | 126 |
| Leverage | ||||||||
| Current ratio | 1.16 | 1.19 | 1.23 | — | 1.53 | 1.75 | 1.71 | 1.92 |
| Debt to EBITDA | 1.59 | 1.58 | 1.47 | — | 1.19 | 1.1 | 1.29 | 1.18 |
| Debt to equity | 0.65 | 0.56 | 0.4 | — | 0.35 | 0.33 | 0.35 | 0.3 |
| Interest coverage | 2.8 | 2.6 | 1.9 | 3.4 | 4.2 | 5.8 | 5.7 | 6.3 |
| Asset turnover | 1.19 | 1.19 | 1.07 | — | 1.34 | 1.32 | 1.28 | 1.26 |
| Return ratios | ||||||||
| Return on assets % | 6.2% | 5.4% | 5.1% | — | 8% | 9.5% | 8.7% | 8.8% |
| Return on capital employed % | 25.7% | 22.2% | 17.9% | — | 21.8% | 25.5% | 23% | 21% |
| Return on equity % | 15% | 12.9% | 10.7% | — | 14.3% | 15.9% | 14.6% | 13.8% |
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.