Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 50.6% | 53.4% | 52.3% | 55.7% | ||||
| 58% |
| 56% |
| 57.8% |
| 57.8% |
| EBITDA margin % | 8.9% | 11.2% | 9.6% | 10% | 13.2% | 8% | 7.8% | 9.5% |
| EBIT margin % | 4.8% | 7.2% | 3.7% | 6.5% | 10.5% | 4.5% | 4.1% | 5.6% |
| PAT margin % | 1.8% | 4.1% | 1.8% | 3.8% | 7.5% | 2.8% | 1.7% | 2.3% |
| Working capital | ||||||||
| Receivable days | 44 | — | 53 | 39 | 52 | 60 | 57 | 66 |
| Inventory days | 157 | — | 191 | 193 | 182 | 179 | 210 | 193 |
| Payable days | 73 | — | 98 | 74 | 51 | 52 | 56 | 51 |
| NWC days | 128 | — | 146 | 158 | 183 | 186 | 210 | 208 |
| Leverage | ||||||||
| Current ratio | 1.09 | — | 1.78 | 1.48 | 1.53 | 1.6 | 1.49 | 1.39 |
| Debt to EBITDA | 3.49 | — | 2.26 | 1.86 | 1.88 | 3.5 | 4.47 | 3.68 |
| Debt to equity | 1.43 | — | 0.48 | 0.55 | 0.73 | 0.66 | 0.81 | 0.81 |
| Interest coverage | 1.4 | 2.2 | 1.4 | 3.8 | 5.4 | 2.5 | 1.7 | 2.1 |
| Asset turnover | 1.37 | — | 1.05 | 1.35 | 1.4 | 1.18 | 1.08 | 1.07 |
| Return ratios | ||||||||
| Return on assets % | 2.5% | — | 1.9% | 5.2% | 10.6% | 3.3% | 1.9% | 2.5% |
| Return on capital employed % | 16% | — | 8.6% | 17.6% | 28.5% | 11% | 9.1% | 11% |
| Return on equity % | 8.3% | — | 4.1% | 11.4% | 22.1% | 6.6% | 4% | 5.3% |
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.