Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 42.3% | 44.4% | 46% | 40.9% | ||||
Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 42.3% | 44.4% | 46% | 40.9% | ||||
| 40.4% |
| 46.2% |
| 43.7% |
| 45.4% |
| EBITDA margin % | 11.2% | 11.7% | 16.1% | 12.3% | 13.5% | 17.5% | 13.7% | 14.6% |
| EBIT margin % | 6.5% | 4.8% | 8.5% | 5.6% | 7.7% | 11.7% | 7.9% | 9.1% |
| PAT margin % | 3.9% | 2.9% | 2% | 3.1% | 4.5% | 6.8% | 4.3% | 4.8% |
| Working capital | ||||||||
| Receivable days | 27 | 21 | 29 | 36 | 37 | 38 | 43 | 41 |
| Inventory days | 126 | 129 | 129 | 122 | 110 | 113 | 127 | 128 |
| Payable days | 0 | 1 | 109 | 104 | 84 | 80 | 71 | 76 |
| NWC days | 152 | 149 | 49 | 54 | 64 | 72 | 99 | 93 |
| Leverage | ||||||||
| Current ratio | 1.35 | 0.96 | 1.14 | 1.03 | 1.11 | 1.28 | 1.33 | 1.32 |
| Debt to EBITDA | 2.41 | 3.44 | 2.29 | 2.41 | 1.69 | 0.89 | 0.95 | 0.64 |
| Debt to equity | 0.47 | 0.66 | 0.56 | 0.53 | 0.43 | 0.28 | 0.23 | 0.16 |
| Interest coverage | 7 | 2.9 | 3.6 | 2.9 | 3.6 | 6.2 | 4.8 | 7 |
| Asset turnover | 0.87 | 0.7 | 0.67 | 0.77 | 0.9 | 0.94 | 0.96 | 0.97 |
| Return ratios | ||||||||
| Return on assets % | 3.4% | 2% | 1.3% | 2.4% | 4% | 6.4% | 4.1% | 4.7% |
| Return on capital employed % | 8.2% | 4.9% | 8.7% | 6.8% | 10.1% | 15.9% | 10.8% | 13.3% |
| Return on equity % | 6.8% | 4.8% | 3.1% | 5.4% | 8.6% | 12.4% | 7.6% | 8.2% |
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.