Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 44.4% | 50.9% | 52.5% | 50.6% | 45.5% | 41.5% | 40.7% | 34.9% |
| EBITDA margin % | 22.7% | 25.1% | 24% | 22.6% | 19.3% | 16.8% | 17.9% | 16.4% |
| EBIT margin % | 19.8% | 21% | 20% | 18.7% | 16.2% | 13.1% | 14.7% | 13% |
| PAT margin % | 14.3% | 14.6% | 14.7% | 14% | 13% | 9.4% | 10% | 8.7% |
| Working capital | ||||||||
| Receivable days | 79 | 86 | 88 | 80 | 78 | 68 | 81 | 67 |
| Inventory days | 123 | 170 | 198 | 262 | 187 | 185 | 208 | 131 |
| Payable days | — | — | 13 | 23 | 24 | 23 | 44 | 32 |
| NWC days | — | — | 272 | 319 | 241 | 230 | 246 | 166 |
| Leverage | ||||||||
| Current ratio | 1.64 | 2.3 | 1.69 | 1.57 | 1.49 | 1.36 | 1.28 | 1.49 |
| Debt to EBITDA | 1.53 | 1.37 | 1.59 | 1.97 | 2.29 | 3.64 | 3.27 | 1.76 |
| Debt to equity | 0.45 | 0.42 | 0.44 | 0.52 | 0.62 | 0.97 | 0.92 | 0.55 |
| Interest coverage | 25.7 | 13.5 | 14.9 | 17 | 9.9 | 4.6 | 4.1 | 4.6 |
| Asset turnover | 0.76 | 0.75 | 0.69 | 0.71 | 0.8 | 0.75 | 0.73 | 1.03 |
| Return ratios | ||||||||
| Return on assets % | 10.9% | 11% | 10.2% | 9.9% | 10.4% | 7.1% | 7.3% | 9% |
| Return on capital employed % | 21.3% | 21.1% | 19.7% | 20.1% | 21.2% | 17.6% | 19.1% | 21.7% |
| Return on equity % | 18.5% | 17.9% | 16.8% | 16.3% | 18.1% | 14.9% | 15.8% | 16.6% |
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.