Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 33.2% | 38.7% | 38.4% | 33% | 32.3% | 35% | 35.2% |
| EBITDA margin % | 5% | 11.8% | 17.2% | 18.8% | 12.5% | 7.1% | 9.9% | 10.5% |
| EBIT margin % | 5% | 8.9% | 14.6% | 16.7% | 10% | 3.6% | 6.5% | 6.8% |
| PAT margin % | 2.8% | 5.2% | 10.4% | 13.1% | 8% | 2.4% | 4.6% | 4.3% |
| Working capital | ||||||||
| Receivable days | 35 | 32 | 30 | 26 | 24 | 37 | 39 | 40 |
| Inventory days | 49 | 68 | 98 | 108 | 95 | 106 | 117 | 110 |
| Payable days | 36 | — | 53 | 71 | 94 | 143 | 139 | 140 |
| NWC days | 49 | — | 75 | 63 | 25 | -0 | 17 | 10 |
| Leverage | ||||||||
| Current ratio | 1.13 | 1.13 | 1.29 | 1.6 | 1.33 | 1.19 | 1.25 | 1.23 |
| Debt to EBITDA | 6.55 | 2.54 | 1.94 | 1.42 | 2.33 | 5.34 | 4.71 | 4.14 |
| Debt to equity | 1.03 | 0.89 | 0.89 | 0.68 | 0.69 | 0.73 | 0.93 | 0.98 |
| Interest coverage | 2.3 | 4.1 | 8.9 | 14 | 6.5 | 1.8 | 2.6 | 2.5 |
| Asset turnover | 1.15 | 1.15 | 1.08 | 1.1 | 0.98 | 0.73 | 0.7 | 0.78 |
| Return ratios | ||||||||
| Return on assets % | 3.3% | 5.9% | 11.1% | 14.4% | 7.8% | 1.8% | 3.2% | 3.3% |
| Return on capital employed % | 10.5% | 17.7% | 28.7% | 34.1% | 17.9% | 7.2% | 10% | 11.6% |
| Return on equity % | 9% | 15.3% | 27.7% | 33.3% | 18.8% | 4.6% | 9.1% | 9.6% |
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.