Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 30.6% | 37.8% | 37% | 29.8% | ||||
| 31.3% |
| 32.9% |
| 31% |
| 34% |
| EBITDA margin % | 4.7% | 7.6% | 8.1% | 6.7% | 7.7% | 8.4% | 8.5% | 8.8% |
| EBIT margin % | 2.4% | 3.7% | 3.6% | 3.2% | 5% | 5.4% | 5.6% | 6.1% |
| PAT margin % | -0.4% | 0.5% | -0.3% | 1.5% | 3.7% | 3.4% | 3.7% | 4.2% |
| Working capital | ||||||||
| Receivable days | — | — | — | — | 61 | 61 | 72 | 63 |
| Inventory days | — | — | — | — | 54 | 53 | 46 | 53 |
| Payable days | — | — | — | — | 84 | 98 | 86 | 76 |
| NWC days | — | — | — | — | 31 | 16 | 31 | 41 |
| Leverage | ||||||||
| Current ratio | — | — | — | — | 1.07 | 1.16 | 1.23 | 1.35 |
| Debt to EBITDA | — | — | — | — | 1.83 | 1.47 | 1.14 | 0.72 |
| Debt to equity | — | — | — | — | 0.57 | 0.42 | 0.32 | 0.19 |
| Interest coverage | 0.9 | 1.1 | 1.1 | 1.8 | 3.8 | 3.7 | 4.5 | 5.9 |
| Asset turnover | — | — | — | — | 1.57 | 1.52 | 1.54 | 1.55 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | — | 5.8% | 5.1% | 5.6% | 6.5% |
| Return on capital employed % | — | — | — | — | 22.3% | 22.3% | 18.9% | 19.6% |
| Return on equity % | — | — | — | — | 14.7% | 11.6% | 12.1% | 12.4% |
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.