Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 42.1% | 46% | 45.5% | 41.4% | 39.5% | 40.9% | 42.9% | 42.3% |
| EBITDA margin % | 15% | 16.4% | 15.9% | 12.8% | 11.8% | 13% | 13.4% | 13.5% |
| EBIT margin % | 10% | 10.4% | 9.8% | 7.7% | 7% | 8.3% | 8.8% | 8.4% |
| PAT margin % | 6.6% | 8.2% | 7.9% | 6.1% | 5.5% | 6.6% | 7.2% | 6.5% |
| Working capital | ||||||||
| Receivable days | 45 | 35 | 58 | 47 | 48 | 45 | 45 | 46 |
| Inventory days | 45 | 54 | 63 | 58 | 56 | 53 | 52 | 51 |
| Payable days | — | — | 131 | 103 | 98 | 97 | 109 | 103 |
| NWC days | — | — | -10 | 2 | 7 | 1 | -13 | -6 |
| Leverage | ||||||||
| Current ratio | 1.21 | 1.37 | 1.68 | 1.72 | 1.65 | 1.69 | 1.71 | 1.55 |
| Debt to EBITDA | 0.49 | 0.48 | 0.62 | 0.45 | 0.5 | 0.58 | 0.61 | 0.67 |
| Debt to equity | 0.22 | 0.18 | 0.18 | 0.11 | 0.12 | 0.15 | 0.17 | 0.19 |
| Interest coverage | 30.3 | 43.6 | 48.8 | 98.3 | 32.1 | 22 | 24.1 | 23.6 |
| Asset turnover | 1.57 | 1.36 | 1.14 | 1.29 | 1.29 | 1.3 | 1.26 | 1.26 |
| Return ratios | ||||||||
| Return on assets % | 10.3% | 11.2% | 9% | 7.9% | 7.1% | 8.6% | 9.2% | 8.2% |
| Return on capital employed % | 27.9% | 23.5% | 17.8% | 15.2% | 14.6% | 17.9% | 18.7% | 18.5% |
| Return on equity % | 19.3% | 18.8% | 14.6% | 11.8% | 10.9% | 13.7% | 14.6% | 13.9% |
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.