Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 14.9% | 16.9% | 22.6% | 27.7% | 23.7% | 26.8% |
| EBITDA margin % | 8.2% | 6.1% | 5.7% | 6.9% | 6.8% | 8.7% | 7% | 8.3% |
| EBIT margin % | 7% | 4.6% | 4.8% | 6.2% | 5.4% | 7.1% | 5.4% | 6.6% |
| PAT margin % | 4.6% | 2.8% | 2.9% | 4.3% | 3.5% | 4.4% | 3.5% | 4.4% |
| Working capital | ||||||||
| Receivable days | 25 | 14 | 34 | 19 | 19 | 20 | 17 | 10 |
| Inventory days | 118 | 141 | 75 | 43 | 83 | 88 | 73 | 47 |
| Payable days | — | 65 | 30 | 17 | 32 | 22 | 21 | 9 |
| NWC days | — | 90 | 80 | 44 | 70 | 87 | 68 | 48 |
| Leverage | ||||||||
| Current ratio | 1.42 | 1.42 | 1.65 | 1.49 | 1.43 | 1.81 | 1.81 | 2.01 |
| Debt to EBITDA | 2.6 | 2.94 | 2.24 | 1.89 | 3.54 | 2.49 | 2.62 | 2.35 |
| Debt to equity | 1.05 | 0.76 | 0.64 | 0.71 | 0.91 | 0.73 | 0.67 | 0.62 |
| Interest coverage | 3.8 | 3.4 | 4.6 | 7.4 | 5.3 | 4.9 | 5.4 | 6.1 |
| Asset turnover | 1.6 | 1.52 | 2.26 | 2.63 | 1.66 | 1.69 | 1.87 | 1.76 |
| Return ratios | ||||||||
| Return on assets % | 7.4% | 4.3% | 6.7% | 11.2% | 5.9% | 7.4% | 6.6% | 7.7% |
| Return on capital employed % | 26.8% | 17.1% | 22.2% | 30.4% | 17.1% | 19.4% | 16.1% | 16.6% |
| Return on equity % | 22.7% | 12% | 14.8% | 23.1% | 13.4% | 14.7% | 12.8% | 13.9% |
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.