Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 46.3% | 49.2% | 49.8% | 44.6% | ||||
| 46.7% |
| 52.8% |
| 52.3% |
| 53.6% |
| EBITDA margin % | 12.4% | 13.5% | 14.5% | 11% | 11.5% | 12.8% | 10.7% | 10.7% |
| EBIT margin % | 9.5% | 9.5% | 9.8% | 7.5% | 8.4% | 9% | 6.3% | 6% |
| PAT margin % | 6% | 6.6% | 6.1% | 5.3% | 6.3% | 6% | 2.7% | 1.8% |
| Working capital | ||||||||
| Receivable days | 51 | 38 | 41 | 28 | 26 | 24 | 22 | 26 |
| Inventory days | 163 | 202 | 229 | 195 | 174 | 204 | 198 | 197 |
| Payable days | — | — | 135 | 99 | 91 | 117 | 123 | 131 |
| NWC days | — | — | 135 | 123 | 108 | 112 | 97 | 92 |
| Leverage | ||||||||
| Current ratio | 1.42 | 1.41 | 1.54 | 1.69 | 1.52 | 1.21 | 1.17 | 1.22 |
| Debt to EBITDA | 1.46 | 1.45 | 1.43 | 1.85 | 2.45 | 3.39 | 3.92 | 3.22 |
| Debt to equity | 0.54 | 0.52 | 0.43 | 0.53 | 0.59 | 0.93 | 0.95 | 0.89 |
| Interest coverage | 7.3 | 6 | 7.4 | 9.6 | 8 | 5.2 | 2.6 | 2 |
| Asset turnover | 1.36 | 1.19 | 1.02 | 1.23 | 0.99 | 0.84 | 0.88 | 1.01 |
| Return ratios | ||||||||
| Return on assets % | 8.2% | 7.8% | 6.3% | 6.5% | 6.2% | 5% | 2.3% | 1.9% |
| Return on capital employed % | 22.3% | 21% | 17.7% | 16.8% | 16.5% | 14.2% | 9% | 9.7% |
| Return on equity % | 18% | 17.3% | 12.8% | 13.8% | 13.2% | 12.8% | 6.1% | 4.8% |
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.