Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 33.9% | 32.2% | 26.5% | 19.6% | 22% | 27.6% | 31.8% | 37.8% |
| EBITDA margin % | 21.7% | 15.5% | 7.8% | 5.6% | 9.6% | 15.4% | 18.5% | 20.6% |
| EBIT margin % | 21.7% | 13.3% | 5% | 3.8% | 8.4% | 14.2% | 17.3% | 19.2% |
| PAT margin % | 13.4% | 11.4% | 2.8% | 1.4% | 5.2% | 9.8% | 12% | 16.2% |
| Working capital | ||||||||
| Receivable days | 56 | 62 | 100 | 66 | 44 | 57 | 50 | 55 |
| Inventory days | 124 | 121 | 100 | 125 | 61 | 85 | 68 | 96 |
| Payable days | — | — | 45 | 127 | 39 | 69 | 28 | 47 |
| NWC days | — | — | 155 | 65 | 66 | 73 | 90 | 103 |
| Leverage | ||||||||
| Current ratio | 1.38 | 1.13 | 1.25 | 1.18 | 1.51 | 1.92 | 3.56 | 2.28 |
| Debt to EBITDA | 0.82 | 1.2 | 5.57 | 3.76 | 2.09 | 0.93 | 0.36 | 0.8 |
| Debt to equity | 0.26 | 0.19 | 0.41 | 0.31 | 0.37 | 0.2 | 0.08 | 0.16 |
| Interest coverage | 7.5 | 4.5 | 2.9 | 3.2 | 5.7 | 10 | 19 | 16.5 |
| Asset turnover | 0.87 | 0.7 | 0.6 | 0.81 | 1.13 | 0.94 | 0.99 | 0.74 |
| Return ratios | ||||||||
| Return on assets % | 11.6% | 8% | 1.7% | 1.1% | 5.9% | 9.2% | 11.9% | 12% |
| Return on capital employed % | 28.8% | 13.2% | 5.2% | 5.7% | 16.8% | 22.5% | 23.3% | 23.4% |
| Return on equity % | 19.9% | 11.8% | 2.6% | 2.1% | 9.5% | 13.5% | 14.9% | 16% |
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.