Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 39.7% | 34.4% | 32.4% | |||||
| 40.5% |
| 37.1% |
| 39.5% |
| 43% |
| 39.7% |
| EBITDA margin % | 22.6% | 18.5% | 17.8% | 21.1% | 19.9% | 22.2% | 20.9% | 23% |
| EBIT margin % | 21.8% | 17.6% | 17% | 20.5% | 19.4% | 21.8% | 20.4% | 22.5% |
| PAT margin % | 7.7% | 4.7% | 5.8% | 12.5% | 11% | 13.6% | 11% | 8.4% |
| Working capital | ||||||||
| Receivable days | — | — | 35 | 66 | 80 | 74 | 83 | 67 |
| Inventory days | — | — | 709 | 829 | 721 | 657 | 935 | 986 |
| Payable days | — | — | 106 | 115 | 111 | 76 | 98 | 98 |
| NWC days | — | — | 639 | 780 | 690 | 656 | 921 | 955 |
| Leverage | ||||||||
| Current ratio | — | — | 2.31 | 1.68 | 2.04 | 1.61 | 2.86 | 2.9 |
| Debt to EBITDA | — | — | 6.15 | 4.3 | 4.28 | 4.22 | 7.08 | 6.9 |
| Debt to equity | — | — | 2.13 | 1.68 | 1.58 | 1.79 | 2.39 | 2.4 |
| Interest coverage | 1.7 | 1.5 | 1.7 | 3.3 | 3 | 4.3 | 2.6 | 1.9 |
| Asset turnover | — | — | 0.39 | 0.39 | 0.38 | 0.43 | 0.31 | 0.31 |
| Return ratios | ||||||||
| Return on assets % | — | — | 2.3% | 4.8% | 4.1% | 5.8% | 3.4% | 2.6% |
| Return on capital employed % | — | — | 11.6% | 17.6% | 16.7% | 17.3% | 11.7% | 11.2% |
| Return on equity % | — | — | 11.3% | 23.2% | 20.3% | 25.9% | 17.7% | 12.7% |
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.