Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 34.4% | 37.4% | 36.9% | 35.6% | ||||
| 33.3% |
| 34.2% |
| 35% |
| 36% |
| EBITDA margin % | 11.5% | 12.8% | 13.6% | 12.3% | 12.4% | 13.2% | 15% | 15.5% |
| EBIT margin % | 8.8% | 9% | 8.5% | 7.7% | 9.4% | 10.5% | 12.5% | 12% |
| PAT margin % | 2.8% | 2.2% | 1.2% | 0.8% | 2.4% | 3% | 5.5% | 5% |
| Working capital | ||||||||
| Receivable days | — | 173 | 214 | 182 | 174 | 174 | 153 | 154 |
| Inventory days | — | 262 | 293 | 283 | 211 | 218 | 230 | 236 |
| Payable days | — | 104 | 126 | 128 | 100 | 116 | 142 | 169 |
| NWC days | — | 332 | 381 | 337 | 285 | 276 | 241 | 221 |
| Leverage | ||||||||
| Current ratio | — | 1.38 | 1.42 | 1.44 | 1.46 | 1.51 | 1.39 | 1.36 |
| Debt to EBITDA | — | 4.6 | 4.64 | 4.51 | 3.81 | 3.24 | 2.49 | 2.66 |
| Debt to equity | — | 0.77 | 0.73 | 0.74 | 0.75 | 0.75 | 0.69 | 0.75 |
| Interest coverage | 1.8 | 1.5 | 1.2 | 1.2 | 1.6 | 1.8 | 2.4 | 2.4 |
| Asset turnover | — | 0.62 | 0.55 | 0.62 | 0.74 | 0.78 | 0.81 | 0.76 |
| Return ratios | ||||||||
| Return on assets % | — | 1.4% | 0.6% | 0.5% | 1.8% | 2.3% | 4.5% | 3.8% |
| Return on capital employed % | — | 11.1% | 9.4% | 9.8% | 14.1% | 17.2% | 22.6% | 21.2% |
| Return on equity % | — | 2.9% | 1.3% | 1% | 3.8% | 5.3% | 10.3% | 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.