Consolidated figures
| Ratio | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross margin % | 25.4% | 21.1% | 17.6% | 14.3% | 16.6% | 14% |
| EBITDA margin % | 8.4% | 8.2% | 7.1% | 5.5% | 5.9% | 5.1% |
| EBIT margin % | 8.1% | 7.9% | 6.8% | 5.2% | 5.7% | 4.9% |
| PAT margin % | 5.7% | 7.5% | 4.6% | 4.6% | 4.5% | 4.2% |
| Working capital | ||||||
| Receivable days | 115 | 130 | 107 | 134 | 130 | 119 |
| Inventory days | 67 | 80 | 101 | 71 | 102 | 104 |
| Payable days | 28 | 32 | 24 | 10 | 9 | 11 |
| NWC days | 154 | 177 | 183 | 195 | 223 | 212 |
| Leverage | ||||||
| Current ratio | 1.36 | 1.37 | 1.45 | 1.67 | 1.8 | 2.01 |
| Debt to EBITDA | 2.78 | 3.65 | 4.2 | 5.44 | 4.57 | 4.05 |
| Debt to equity | 1.39 | 1.65 | 1.51 | 1.19 | 0.86 | 0.61 |
| Interest coverage | 6 | 9.7 | 5.4 | 4.9 | 5.8 | 5.4 |
| Asset turnover | 1.93 | 1.7 | 1.76 | 1.7 | 1.48 | 1.52 |
| Return ratios | ||||||
| Return on assets % | 10.9% | 12.7% | 8% | 7.9% | 6.7% | 6.4% |
| Return on capital employed % | 51.4% | 73.2% | 44% | 32.9% | 26.7% | 23.7% |
| Return on equity % | 33.6% | 41.1% | 22.9% | 18.4% | 14.4% | 12.4% |
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.