Consolidated figures
| Ratio | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross margin % | 57.3% | 53.4% | 48.8% | 46.7% | 45.5% | 45.4% |
| EBITDA margin % | 28.1% | 24.1% | 21.5% | 19.7% | 14.6% | 15.3% |
| EBIT margin % | 15.8% | 14.8% | 14.5% | 13.5% | 8.5% | 9.8% |
| PAT margin % | 6.2% | 7.4% | 7.9% | 7.6% | 3.5% | 4.8% |
| Working capital | ||||||
| Receivable days | 56 | 49 | 61 | 47 | 59 | 50 |
| Inventory days | 222 | 221 | 187 | 160 | 157 | 145 |
| Payable days | 193 | 163 | 159 | 123 | 157 | 121 |
| NWC days | 85 | 107 | 89 | 84 | 59 | 74 |
| Leverage | ||||||
| Current ratio | 0.99 | 1.05 | 1.2 | 1.16 | 1.07 | 1.07 |
| Debt to EBITDA | 1.61 | 1.34 | 1.69 | 1.76 | 2.47 | 2.7 |
| Debt to equity | 0.73 | 0.63 | 0.84 | 0.93 | 0.72 | 1.02 |
| Interest coverage | 2.4 | 4 | 3.9 | 3.5 | 2.4 | 2.8 |
| Asset turnover | 0.66 | 0.83 | 0.84 | 0.95 | 0.8 | 0.9 |
| Return ratios | ||||||
| Return on assets % | 4.1% | 6.1% | 6.6% | 7.2% | 2.8% | 4.3% |
| Return on capital employed % | 16.3% | 20.6% | 22.3% | 21.5% | 12.9% | 16.1% |
| Return on equity % | 10% | 14.4% | 18.2% | 20.3% | 7% | 11.8% |
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.