Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 55.6% | 58.4% | 59.7% | 53.8% | 52.9% | 56.4% | 54.9% |
| EBITDA margin % | 15.1% | 13.8% | 13.6% | 19.3% | 13.7% | 16.3% | 17.8% | 17.4% |
| EBIT margin % | 15.1% | 7% | 3.9% | 12.3% | 8% | 10.9% | 12% | 11.6% |
| PAT margin % | 10.2% | 4.3% | -2% | 10.3% | 3.9% | 5.8% | 6% | 6.5% |
| Working capital | ||||||||
| Receivable days | 77 | 68 | 81 | 75 | 87 | 74 | 70 | 85 |
| Inventory days | 78 | 177 | 249 | 235 | 191 | 159 | 198 | 195 |
| Payable days | — | — | 167 | 141 | 132 | 112 | 130 | 144 |
| NWC days | — | — | 163 | 169 | 147 | 121 | 138 | 136 |
| Leverage | ||||||||
| Current ratio | 1.35 | 1.33 | 1.38 | 1.3 | 1.03 | 1.08 | 1.18 | 1.17 |
| Debt to EBITDA | 2.46 | 3.48 | 5.8 | 2.8 | 3.88 | 2.94 | 2.33 | 2.35 |
| Debt to equity | 0.7 | 0.74 | 0.92 | 0.86 | 1.02 | 1.05 | 0.68 | 0.72 |
| Interest coverage | 13.7 | 4.4 | 3.9 | 9.2 | 4 | 3.9 | 4.9 | 6.7 |
| Asset turnover | 0.87 | 0.7 | 0.48 | 0.67 | 0.7 | 0.81 | 0.75 | 0.76 |
| Return ratios | ||||||||
| Return on assets % | 8.9% | 3% | -1% | 6.9% | 2.8% | 4.7% | 4.5% | 4.9% |
| Return on capital employed % | 25.2% | 10% | 5.1% | 16.3% | 12.3% | 19.2% | 19% | 17.9% |
| Return on equity % | 19.2% | 6.7% | -2.3% | 16.4% | 7.6% | 12.7% | 9.9% | 11.4% |
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.