Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 77.8% | 80% | 83.5% | 81.8% | 80.8% | 80.6% | 78.5% | 75.4% |
| EBITDA margin % | 16.5% | 16.6% | 19.3% | 17.7% | 14.3% | 14.9% | 12.5% | 14.1% |
| EBIT margin % | 12% | 11.4% | 14% | 13.4% | 10.5% | 11.1% | 8.2% | 9.7% |
| PAT margin % | 3.8% | 8.6% | 9.2% | 11.7% | 9.4% | 7.6% | 5.2% | 5.9% |
| Working capital | ||||||||
| Receivable days | 33 | 27 | 21 | 21 | 18 | 19 | 23 | 23 |
| Inventory days | 159 | 160 | 179 | 200 | 180 | 194 | 179 | 130 |
| Payable days | 1 | — | 229 | 243 | 249 | 260 | 177 | 164 |
| NWC days | 191 | — | -29 | -22 | -51 | -46 | 25 | -11 |
| Leverage | ||||||||
| Current ratio | -0.01 | 1.11 | 1.12 | 0.98 | 0.97 | 0.93 | 0.87 | 0.95 |
| Debt to EBITDA | 6.25 | 5.5 | 5.26 | 4.31 | 6.01 | 6.9 | 9.89 | 9.11 |
| Debt to equity | 1.29 | 1.25 | 1.18 | 0.96 | 1.29 | 1.52 | 1.88 | 2.17 |
| Interest coverage | 5.4 | 4.2 | 6.5 | 10.5 | 12.1 | 9.6 | 4.8 | 5.1 |
| Asset turnover | 0.3 | 0.32 | 0.29 | 0.33 | 0.35 | 0.32 | 0.3 | 0.31 |
| Return ratios | ||||||||
| Return on assets % | 1.2% | 2.7% | 2.6% | 3.9% | 3.3% | 2.4% | 1.5% | 1.8% |
| Return on capital employed % | 4.8% | 4.9% | 5.7% | 6.1% | 6.4% | 5.4% | 3.8% | 4.3% |
| Return on equity % | 4.8% | 11.8% | 10.7% | 14.8% | 14.1% | 11.2% | 8% | 10% |
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.