Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 54.4% | 53.3% | 50.8% | 50.3% | 48.7% | 48.6% | 50.1% | 49.5% |
| EBITDA margin % | 12.4% | 11.6% | 12.1% | 8.4% | 12.1% | 13.6% | 14.7% | 11.1% |
| EBIT margin % | 7.8% | 5.6% | 6.3% | 3% | 5.1% | 8% | 7.8% | 3.7% |
| PAT margin % | 3.9% | 1.2% | 3.9% | -0.1% | 2% | 10.3% | 4.4% | 2.3% |
| Working capital | ||||||||
| Receivable days | 68 | 46 | 73 | 65 | 65 | 66 | 60 | 70 |
| Inventory days | 94 | 92 | 91 | 88 | 75 | 79 | 99 | 112 |
| Payable days | 85 | 102 | 112 | 109 | 73 | 69 | 66 | 80 |
| NWC days | 76 | 37 | 52 | 45 | 67 | 76 | 93 | 101 |
| Leverage | ||||||||
| Current ratio | 1.35 | 1.43 | 1.35 | 1.2 | 1.16 | 1.42 | 1.86 | 2.01 |
| Debt to EBITDA | 3.55 | 3.59 | 4.43 | 5.43 | 3.24 | 1.99 | 1.49 | 1.81 |
| Debt to equity | 1.48 | 1.09 | 1.24 | 1.34 | 1.29 | 0.64 | 0.42 | 0.35 |
| Interest coverage | 3 | 1.6 | 2.5 | 1.4 | 2 | 2.6 | 3.9 | 3.2 |
| Asset turnover | 1.05 | 0.91 | 0.81 | 0.97 | 1.19 | 1.22 | 1.15 | 1.08 |
| Return ratios | ||||||||
| Return on assets % | 4.1% | 1% | 3.1% | -0.1% | 2.3% | 12.6% | 5% | 2.5% |
| Return on capital employed % | 15.5% | 8.7% | 9.1% | 5.7% | 10.6% | 16.2% | 13.6% | 7.6% |
| Return on equity % | 13.1% | 3% | 9% | -0.3% | 6.5% | 24.5% | 8.3% | 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.