Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 49.3% | 49.1% | 51.4% | 49.5% | 49.2% | 51.5% | 47.8% | 46.5% |
| EBITDA margin % | 11.8% | 11.1% | 9.8% | 10.4% | 11% | 12.5% | 11.3% | 11% |
| EBIT margin % | 8.6% | 6.5% | 4% | 5.5% | 6.4% | 7.6% | 6% | 5% |
| PAT margin % | 4.5% | 1.8% | -0.2% | 2.2% | 4.1% | 3.9% | 2.7% | 1.9% |
| Working capital | ||||||||
| Receivable days | 104 | — | 139 | 136 | 115 | 122 | 106 | 110 |
| Inventory days | 73 | — | 111 | 88 | 78 | 66 | 54 | 62 |
| Payable days | — | — | 138 | 145 | 113 | 119 | 99 | 135 |
| NWC days | — | — | 112 | 79 | 81 | 69 | 61 | 37 |
| Leverage | ||||||||
| Current ratio | 1.09 | — | 1.22 | 1.38 | 1.35 | 1.35 | 1.22 | 1.11 |
| Debt to EBITDA | 2.02 | — | 4.19 | 2.32 | 1.96 | 1.57 | 1.78 | 1.67 |
| Debt to equity | 0.91 | — | 1.1 | 0.58 | 0.62 | 0.55 | 0.58 | 0.52 |
| Interest coverage | 3.2 | 1.6 | 1 | 2.1 | 3 | 3 | 2.4 | 2.3 |
| Asset turnover | 1.35 | — | 0.94 | 1.07 | 1.29 | 1.27 | 1.33 | 1.23 |
| Return ratios | ||||||||
| Return on assets % | 6.1% | — | -0.2% | 2.4% | 5.3% | 5% | 3.6% | 2.4% |
| Return on capital employed % | 28.9% | — | 7.3% | 11.3% | 15.3% | 18.2% | 14.7% | 13% |
| Return on equity % | 17.2% | — | -0.6% | 5.4% | 11.7% | 11% | 7.8% | 5.5% |
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.