Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 23.6% | 25.1% | 30.4% | 20% | ||||
| 23.3% |
| 22.9% |
| 23.1% |
| 23.8% |
| EBITDA margin % | 12.4% | 15.5% | 20.8% | 12.4% | 13.8% | 11.5% | 10.9% | 12.5% |
| EBIT margin % | 8.7% | 12.5% | 17.4% | 10.1% | 11.3% | 8.6% | 8% | 8.8% |
| PAT margin % | 5.3% | 11.4% | 12.7% | 7.7% | 8.8% | 7% | 6.7% | 6.9% |
| Working capital | ||||||||
| Receivable days | — | 18 | 28 | 20 | 22 | 23 | 22 | 26 |
| Inventory days | — | 2 | 3 | 1 | 2 | 2 | 2 | 22 |
| Payable days | — | 16 | 23 | 12 | 20 | 20 | 20 | 32 |
| NWC days | — | 4 | 7 | 10 | 4 | 4 | 4 | 16 |
| Leverage | ||||||||
| Current ratio | — | 0.79 | 0.58 | 0.55 | 0.71 | 0.79 | 1 | 1.86 |
| Debt to EBITDA | — | 1.12 | 0.43 | 0.23 | 0 | 0 | 0 | 1 |
| Debt to equity | — | 0.55 | 0.2 | 0.09 | 0 | 0 | 0 | 0.17 |
| Interest coverage | 4.1 | 7.3 | 15.7 | 31.4 | 51.2 | 51.5 | 48.6 | 10.8 |
| Asset turnover | — | 1.33 | 1.18 | 1.75 | 1.58 | 1.39 | 1.36 | 0.89 |
| Return ratios | ||||||||
| Return on assets % | — | 15.1% | 15% | 13.4% | 14% | 9.8% | 9.1% | 6.1% |
| Return on capital employed % | — | 22.9% | 29.5% | 26.8% | 27.2% | 17.7% | 17% | 17% |
| Return on equity % | — | 36.1% | 28.5% | 22.9% | 21.7% | 14.8% | 13.5% | 9.1% |
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.