Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 49.5% | 49.9% | 49.9% | 48.2% | 45.6% | 48% | 48% | 48.3% |
| EBITDA margin % | 20.4% | 20.6% | 20.9% | 20.7% | 18.8% | 19.4% | 18.4% | 18.6% |
| EBIT margin % | 18.3% | 18.1% | 18.4% | 18.4% | 16.1% | 16.1% | 14.9% | 15% |
| PAT margin % | 18.7% | 16.6% | 17.7% | 16% | 14.8% | 14.6% | 13.9% | 14.2% |
| Working capital | ||||||||
| Receivable days | 36 | 34 | 21 | 22 | 27 | 26 | 26 | 20 |
| Inventory days | 110 | 115 | 132 | 124 | 118 | 110 | 128 | 124 |
| Payable days | — | — | 146 | 131 | 127 | 137 | 158 | 158 |
| NWC days | — | — | 8 | 15 | 17 | -0 | -4 | -14 |
| Leverage | ||||||||
| Current ratio | 1.35 | 1.98 | 1.63 | 1.3 | 1.18 | 1.45 | 1.51 | 1.7 |
| Debt to EBITDA | 0.3 | 0.26 | 0.17 | 0.38 | 0.46 | 0.48 | 0.32 | 0.43 |
| Debt to equity | 0.09 | 0.07 | 0.05 | 0.1 | 0.11 | 0.12 | 0.07 | 0.09 |
| Interest coverage | 31.2 | 37.9 | 67.8 | 62 | 29.4 | 20 | 14.8 | 17.8 |
| Asset turnover | 1.01 | 0.93 | 0.88 | 0.89 | 0.84 | 0.82 | 0.77 | 0.75 |
| Return ratios | ||||||||
| Return on assets % | 18.9% | 15.5% | 15.6% | 14.2% | 12.5% | 12% | 10.7% | 10.7% |
| Return on capital employed % | 30.9% | 29.6% | 28.2% | 28.4% | 24.2% | 23.4% | 21% | 21.4% |
| Return on equity % | 28.4% | 21.9% | 22.1% | 20.8% | 19% | 18.4% | 16.1% | 16.4% |
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.