Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 35.8% | 35.2% | 43.8% | 42.6% | 49.8% | 49.2% | 44.8% |
| EBITDA margin % | 16.6% | 10% | 7.1% | 10.7% | 8.5% | 6.8% | 9.1% | 8% |
| EBIT margin % | 15.1% | 8% | 4.6% | 8.4% | 5.1% | 2.5% | 5.2% | 4.6% |
| PAT margin % | 9.9% | 6.3% | 3.2% | 4.8% | 2.4% | 0.5% | 1.1% | 2.4% |
| Working capital | ||||||||
| Receivable days | 67 | 100 | 107 | — | 83 | 100 | 83 | 80 |
| Inventory days | 64 | 91 | 141 | 136 | 118 | 139 | 139 | 106 |
| Payable days | 1 | 1 | 5 | 3 | 76 | 102 | 97 | 81 |
| NWC days | 130 | 189 | 244 | — | 125 | 137 | 125 | 105 |
| Leverage | ||||||||
| Current ratio | 1.5 | 1.53 | 1.43 | 1.38 | 1.37 | 1.17 | 1.17 | 1.2 |
| Debt to EBITDA | 0.42 | 1.3 | 4 | 0.97 | 5.23 | 8.88 | 5.7 | 4.96 |
| Debt to equity | 0.12 | 0.2 | 0.35 | 0.19 | 0.65 | 0.78 | 0.82 | 0.69 |
| Interest coverage | 25.2 | 6.3 | 4.3 | 6.5 | 2.2 | 1.1 | 1.3 | 1.7 |
| Asset turnover | 1.1 | 0.93 | 0.7 | 0.96 | 0.74 | 0.61 | 0.74 | 0.85 |
| Return ratios | ||||||||
| Return on assets % | 10.9% | 5.9% | 2.3% | 4.6% | 1.8% | 0.3% | 0.8% | 2% |
| Return on capital employed % | 25.7% | 12.9% | 6.8% | 15.2% | 6.4% | 3.8% | 6.4% | 8.4% |
| Return on equity % | 17% | 9.8% | 4.1% | 8.9% | 3.5% | 0.6% | 1.7% | 4.1% |
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.