Consolidated figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 45.1% | — | 49.4% | 42% | ||||
| 33% |
| 34.6% |
| 36.5% |
| 32.9% |
| EBITDA margin % | 37.4% | 33.3% | 27.5% | 24.1% | 28.9% | 28.7% | 31.3% | 27.4% |
| EBIT margin % | 36.7% | 32.7% | 27% | 23.7% | 28.5% | 28.5% | 30.8% | 27% |
| PAT margin % | 22.3% | 21.7% | 9.1% | 9.6% | 16.6% | 14.7% | 17.1% | 13.7% |
| Working capital | ||||||||
| Receivable days | 129 | 185 | 189 | 200 | 116 | 112 | 156 | 142 |
| Inventory days | 1,320 | 1,390 | 1,961 | 1,303 | 1,486 | 923 | 1,007 | 746 |
| Payable days | 62 | — | 60 | 55 | 48 | 30 | 46 | 28 |
| NWC days | 1,387 | — | 2,090 | 1,448 | 1,553 | 1,005 | 1,117 | 859 |
| Leverage | ||||||||
| Current ratio | 2.32 | 8 | 5.42 | 5.46 | 13.4 | 10.19 | 5.96 | 6.28 |
| Debt to EBITDA | 1.29 | 6.26 | 8.12 | 7.47 | 6.64 | 4.01 | 2.93 | 2.38 |
| Debt to equity | 0.35 | 1.3 | 1.17 | 1.22 | 1.07 | 0.93 | 0.56 | 0.51 |
| Interest coverage | 3.3 | 2.9 | 1.7 | 2 | 3.7 | 3 | 3.2 | 4.1 |
| Asset turnover | 0.26 | 0.2 | 0.18 | 0.24 | 0.22 | 0.36 | 0.33 | 0.42 |
| Return ratios | ||||||||
| Return on assets % | 5.8% | 4.4% | 1.7% | 2.3% | 3.7% | 5.2% | 5.6% | 5.8% |
| Return on capital employed % | 14.9% | 10.7% | 5.9% | 7.1% | 7.4% | 11.5% | 13% | 14.5% |
| Return on equity % | 16.3% | 13.5% | 4.7% | 6.5% | 9.2% | 11.9% | 10.4% | 10.7% |
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.