Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 46.3% | 48.5% | 47.2% | 48.7% | ||||
| 45.3% |
| 53.8% |
| 55% |
| 55.5% |
| EBITDA margin % | 18.8% | 18.1% | 18.8% | 17.5% | 12.7% | 15% | 17.7% | 12.9% |
| EBIT margin % | 12.9% | 12.7% | 13.8% | 12.6% | 7.3% | 8.4% | 10.4% | 3.3% |
| PAT margin % | 6.5% | 5.6% | 7.7% | 8.3% | 3.9% | 3.9% | 4.9% | -2.9% |
| Working capital | ||||||||
| Receivable days | 80 | 82 | 103 | 82 | 80 | 113 | 103 | 94 |
| Inventory days | 156 | 147 | 107 | 121 | 104 | 134 | 146 | 172 |
| Payable days | — | — | 92 | 91 | 103 | 124 | 133 | 128 |
| NWC days | — | — | 118 | 112 | 81 | 123 | 116 | 138 |
| Leverage | ||||||||
| Current ratio | 1.38 | 1.3 | 1.34 | 1.25 | 1.42 | 1.28 | 1.26 | 1.3 |
| Debt to EBITDA | 2.01 | 2.05 | 1.89 | 1.98 | 2.91 | 3.05 | 2.32 | 3.09 |
| Debt to equity | 0.79 | 0.69 | 0.65 | 0.63 | 0.66 | 0.69 | 0.6 | 0.57 |
| Interest coverage | 3.6 | 3.7 | 6.7 | 8 | 3.2 | 2.7 | 2.6 | 1.1 |
| Asset turnover | 0.94 | 0.85 | 0.9 | 0.88 | 0.85 | 0.72 | 0.74 | 0.72 |
| Return ratios | ||||||||
| Return on assets % | 6.1% | 4.8% | 7% | 7.3% | 3.3% | 2.8% | 3.6% | -2.1% |
| Return on capital employed % | 19.2% | 17.2% | 20% | 18.5% | 9.7% | 8.8% | 11.5% | 4% |
| Return on equity % | 13.6% | 10.3% | 14.3% | 15% | 6.9% | 5.9% | 7.2% | -4.1% |
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.