Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 42% | 49.3% | 59.7% | 64.7% | 60.6% | 68.7% | 64.4% | 58.5% |
| EBITDA margin % | 17% | 17.7% | 24% | 23.6% | 23.1% | 24.5% | 23.4% | 24.8% |
| EBIT margin % | 11.4% | 10% | 10.7% | 12.5% | 16% | 17% | 16.4% | 17% |
| PAT margin % | 5% | 3.6% | -44.1% | 7.8% | 9.7% | 10.7% | 11.9% | 12.1% |
| Working capital | ||||||||
| Receivable days | 93 | — | 94 | 90 | 84 | 38 | 47 | 82 |
| Inventory days | 160 | — | 274 | 321 | 226 | 134 | 94 | 89 |
| Payable days | — | — | 99 | 36 | 41 | 35 | 32 | 29 |
| NWC days | — | — | 270 | 375 | 269 | 136 | 110 | 142 |
| Leverage | ||||||||
| Current ratio | 1.55 | — | 1.3 | 1.59 | 1.72 | 2.05 | 2.25 | 1.6 |
| Debt to EBITDA | 2.21 | — | 2.75 | 2.27 | 1.69 | 0.58 | 0.95 | 2.07 |
| Debt to equity | 0.47 | — | 0.51 | 0.43 | 0.36 | 0.13 | 0.19 | 0.43 |
| Interest coverage | 2.1 | 1.7 | 1.8 | 3 | 4.1 | 5.4 | 8.5 | 6.8 |
| Asset turnover | 0.7 | — | 0.44 | 0.49 | 0.59 | 0.68 | 0.62 | 0.52 |
| Return ratios | ||||||||
| Return on assets % | 3.5% | — | -19.5% | 3.8% | 5.7% | 7.3% | 7.4% | 6.3% |
| Return on capital employed % | 14.6% | — | 7.9% | 10.1% | 13.7% | 13.8% | 13.5% | 12.8% |
| Return on equity % | 6.4% | — | -33.8% | 6.3% | 9% | 9.6% | 10.2% | 10.1% |
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.