Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 41.5% | 42.4% | 42.7% | |||||
| 40.3% |
| 42.6% |
| 42.1% |
| 45.8% |
| 46.7% |
| EBITDA margin % | 11.2% | 8.6% | 11.6% | 13.9% | 15.6% | 15.3% | 19% | 17.5% |
| EBIT margin % | 9.3% | 6.3% | 9.4% | 11.4% | 13.2% | 12.5% | 16.1% | 14% |
| PAT margin % | 4.4% | 5.4% | 7.4% | 7.8% | 10.1% | 9.8% | 12.2% | 12.4% |
| Working capital | ||||||||
| Receivable days | 63 | — | 64 | 60 | 65 | 63 | 69 | 69 |
| Inventory days | 191 | — | 234 | 225 | 271 | 210 | 289 | 263 |
| Payable days | — | — | 118 | 95 | 95 | 90 | 128 | 100 |
| NWC days | — | — | 180 | 191 | 241 | 183 | 231 | 232 |
| Leverage | ||||||||
| Current ratio | 3.18 | — | 3.21 | 3.17 | 2.24 | 2.2 | 1.94 | 2.2 |
| Debt to EBITDA | 0.19 | — | 0.08 | 0.14 | 0.8 | 0.52 | 0.52 | 0.63 |
| Debt to equity | 0.04 | — | 0.02 | 0.04 | 0.29 | 0.21 | 0.24 | 0.25 |
| Interest coverage | 36.8 | 37 | 42.4 | 43.5 | 25.7 | 18 | 21.8 | 28.6 |
| Asset turnover | 1.29 | — | 1.26 | 1.28 | 1.24 | 1.37 | 1.13 | 1.27 |
| Return ratios | ||||||||
| Return on assets % | 5.7% | — | 9.4% | 10% | 12.5% | 13.4% | 13.8% | 15.8% |
| Return on capital employed % | 17.4% | — | 16.9% | 22.1% | 27% | 29.8% | 36.7% | 35.7% |
| Return on equity % | 8.3% | — | 13.7% | 15.5% | 23.5% | 25.8% | 30.1% | 28.6% |
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.