Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 53.1% | 55.5% | 60% | 54.5% | 49.6% | 52.1% | 51.6% | 51.7% |
| EBITDA margin % | 25% | 26.4% | 31.3% | 24.2% | 17.5% | 24.1% | 23.5% | 21.3% |
| EBIT margin % | 18.6% | 18.7% | 24.1% | 18.7% | 11.6% | 17.1% | 17% | 14.1% |
| PAT margin % | 14.9% | 20% | 20.4% | 17.3% | 10.8% | 15.7% | 15.8% | 11.5% |
| Working capital | ||||||||
| Receivable days | 36 | 45 | 48 | 48 | 42 | 56 | 52 | 49 |
| Inventory days | 113 | 105 | 148 | 162 | 124 | 108 | 129 | 126 |
| Payable days | — | — | 103 | 80 | 37 | 74 | 54 | 64 |
| NWC days | — | — | 93 | 130 | 129 | 91 | 126 | 111 |
| Leverage | ||||||||
| Current ratio | 1.7 | 1.23 | 1.3 | 1.2 | 1.17 | 1.27 | 1.32 | 1.01 |
| Debt to EBITDA | 0.67 | 0.73 | 0.55 | 1.26 | 1.96 | 1.37 | 1.33 | 1.78 |
| Debt to equity | 0.19 | 0.19 | 0.17 | 0.36 | 0.44 | 0.35 | 0.31 | 0.37 |
| Interest coverage | 106.7 | 129 | 137.6 | 217.6 | 30.9 | 18.2 | 18 | 13.3 |
| Asset turnover | 0.8 | 0.71 | 0.71 | 0.76 | 0.79 | 0.68 | 0.67 | 0.61 |
| Return ratios | ||||||||
| Return on assets % | 11.9% | 14.1% | 14.4% | 13.1% | 8.6% | 10.8% | 10.6% | 7% |
| Return on capital employed % | 25.1% | 22.4% | 27.2% | 28.4% | 17.7% | 21.6% | 21.6% | 14.8% |
| Return on equity % | 16.6% | 19.2% | 19.6% | 20.7% | 14% | 16.6% | 15.9% | 11.3% |
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.