Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 37.1% | 38.3% | 39.1% | 39.2% | 48.5% | ||
| 50.6% |
| 58.2% |
| EBITDA margin % | 7.4% | 7.4% | 11.2% | 11.1% | 19% | 19.9% | 33.7% |
| EBIT margin % | 3.6% | 3.1% | 8.4% | 8.5% | 17.1% | 17.7% | 32.2% |
| PAT margin % | 2.4% | 1.5% | 7.6% | 7.2% | 12.6% | 14.1% | 24.7% |
| Working capital | |||||||
| Receivable days | 102 | 102 | 86 | 83 | 62 | 69 | 71 |
| Inventory days | 162 | 188 | 149 | 147 | 137 | 201 | 148 |
| Payable days | 4 | 6 | 4 | 43 | 41 | 68 | 49 |
| NWC days | 260 | 283 | 231 | 188 | 158 | 202 | 171 |
| Leverage | |||||||
| Current ratio | — | — | — | 3.05 | 2.77 | 2.86 | 3.57 |
| Debt to EBITDA | 1.74 | 0.87 | 0.36 | 0.51 | 0.14 | 0.14 | 0.04 |
| Debt to equity | 0.18 | 0.07 | 0.06 | 0.08 | 0.05 | 0.04 | 0.02 |
| Interest coverage | 2.5 | 2.6 | 15.8 | 20.4 | 30.9 | 28.7 | 76.3 |
| Asset turnover | 0.99 | 0.88 | 1.09 | 1.06 | 1.35 | 0.99 | 1.12 |
| Return ratios | |||||||
| Return on assets % | 2.4% | 1.3% | 8.3% | 7.6% | 17% | 14% | 27.7% |
| Return on capital employed % | — | — | — | 13.3% | 35.3% | 26.6% | 57.1% |
| Return on equity % | 3.3% | 1.7% | 10.5% | 10.4% | 23% | 18.7% | 36.8% |
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.