Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 24.9% | 25% | 23.3% | 22% | ||||
| 22.5% |
| 23.7% |
| 24.2% |
| 23.1% |
| EBITDA margin % | 6.6% | 5.3% | 5.6% | 5.7% | 6.2% | 6.9% | 7.3% | 7.5% |
| EBIT margin % | 5.2% | 3.6% | 3.5% | 4.3% | 5.1% | 5.9% | 6.2% | 6.1% |
| PAT margin % | 3.6% | 2.7% | 2.4% | 2.8% | 5% | 4.3% | 4.9% | 4.3% |
| Working capital | ||||||||
| Receivable days | — | — | 69 | 72 | 71 | 74 | 60 | 63 |
| Inventory days | — | — | 98 | 89 | 85 | 69 | 86 | 83 |
| Payable days | — | — | 179 | 158 | 148 | 129 | 138 | 113 |
| NWC days | — | — | -11 | 2 | 7 | 14 | 8 | 33 |
| Leverage | ||||||||
| Current ratio | — | — | 1.26 | 1.17 | 1.12 | 1.3 | 1.28 | 1.31 |
| Debt to EBITDA | — | — | 1.9 | 1.38 | 1.17 | 0.25 | 0.23 | 0.67 |
| Debt to equity | — | — | 0.51 | 0.47 | 0.43 | 0.06 | 0.07 | 0.18 |
| Interest coverage | 6.2 | 8.1 | 3.2 | 6.4 | 8 | 10.6 | 16.9 | 11.3 |
| Asset turnover | — | — | 1.2 | 1.4 | 1.48 | 1.46 | 1.45 | 1.45 |
| Return ratios | ||||||||
| Return on assets % | — | — | 2.8% | 3.9% | 7.4% | 6.3% | 7.2% | 6.1% |
| Return on capital employed % | — | — | 16.3% | 22.5% | 29.7% | 28.2% | 27.2% | 23.2% |
| Return on equity % | — | — | 11.4% | 16.5% | 30.1% | 15.9% | 19.3% | 15.4% |
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.