Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 44% | 40% | 34.8% | 35.9% | 31.1% | 36.8% | 38.9% | 39.6% |
| EBITDA margin % | 7.3% | 9.6% | 10.5% | 8% | -4.4% | 3.3% | 4.9% | 5.6% |
| EBIT margin % | 5% | 7.1% | 8.2% | 6% | -6.5% | 0.3% | 1.6% | 2.1% |
| PAT margin % | 1.9% | 3.8% | 4.5% | 5.9% | -5.6% | -1.3% | 1.3% | 1% |
| Working capital | ||||||||
| Receivable days | — | 112 | 119 | 109 | 98 | 97 | 119 | 109 |
| Inventory days | — | 145 | 138 | 120 | 86 | 101 | 108 | 111 |
| Payable days | — | 154 | 131 | 102 | 118 | 104 | 135 | 126 |
| NWC days | — | 102 | 126 | 127 | 66 | 94 | 92 | 94 |
| Leverage | ||||||||
| Current ratio | — | 1.24 | 1.58 | 2.2 | 2.06 | 2.27 | 1.8 | 1.75 |
| Debt to EBITDA | — | 2.62 | 2.1 | 1.51 | — | 4.61 | 3.44 | 4.13 |
| Debt to equity | — | 0.6 | 0.46 | 0.21 | 0.17 | 0.19 | 0.19 | 0.28 |
| Interest coverage | 1.8 | 2.5 | 3.3 | 5.8 | -3.2 | 0.5 | 1.3 | 1.6 |
| Asset turnover | — | 0.97 | 0.95 | 1.02 | 0.81 | 0.8 | 0.74 | 0.75 |
| Return ratios | ||||||||
| Return on assets % | — | 3.7% | 4.2% | 6% | -4.5% | -1% | 1% | 0.8% |
| Return on capital employed % | — | 13.9% | 14.4% | 14.3% | -6.9% | 1.2% | 2.4% | 3.5% |
| Return on equity % | — | 8.9% | 9.2% | 10% | -6.9% | -1.6% | 1.5% | 1.2% |
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.