Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 20.4% | 22.9% | 24.9% | 22.7% | 25.4% | 22.4% | 20.7% | 21% |
| EBITDA margin % | 5.9% | 6.4% | 6.5% | 5.9% | 8.6% | 9.4% | 8.3% | 8.2% |
| EBIT margin % | 5% | 5.2% | 5% | 4.8% | 7.8% | 8.7% | 7.6% | 7.5% |
| PAT margin % | 1.7% | 1.8% | 2.5% | 2.8% | 4.4% | 5.1% | 4.4% | 4.3% |
| Working capital | ||||||||
| Receivable days | 98 | — | 106 | 99 | 81 | 89 | 80 | 85 |
| Inventory days | 74 | — | 119 | 108 | 88 | 83 | 82 | 84 |
| Payable days | 188 | — | 231 | 209 | 177 | 140 | 137 | 138 |
| NWC days | -16 | — | -6 | -1 | -8 | 32 | 25 | 30 |
| Leverage | ||||||||
| Current ratio | 1.14 | — | 1.22 | 1.22 | 1.22 | 1.54 | 1.47 | 1.45 |
| Debt to EBITDA | 0.47 | — | 0.64 | 0.46 | 0.25 | 0.27 | 0.3 | 0.45 |
| Debt to equity | 0.18 | — | 0.19 | 0.15 | 0.14 | 0.1 | 0.1 | 0.16 |
| Interest coverage | 2.1 | 1.7 | 2.5 | 3.4 | 3.8 | 3.9 | 3.7 | 4.1 |
| Asset turnover | 1.59 | — | 1.28 | 1.41 | 1.75 | 1.68 | 1.65 | 1.67 |
| Return ratios | ||||||||
| Return on assets % | 2.7% | — | 3.2% | 3.9% | 7.8% | 8.6% | 7.3% | 7.1% |
| Return on capital employed % | 30.9% | — | 20.5% | 26% | 51.2% | 44% | 32.8% | 32.6% |
| Return on equity % | 11.3% | — | 11.5% | 15% | 28.5% | 21.3% | 18.2% | 18.1% |
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.