Consolidated figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 52.8% | 61% | 72.4% | 70.9% | 76.2% | 72.9% | 73.4% | 72.9% |
| EBITDA margin % | 7.8% | 6.6% | 4.9% | 3.9% | 4.5% | 5.1% | 5.7% | 6.6% |
| EBIT margin % | 6% | 5.2% | 3.5% | 2.6% | 3% | 3.8% | 4.4% | 5% |
| PAT margin % | 2.3% | 1.9% | 2.4% | 5.2% | 2.1% | 2.2% | 2.6% | 3% |
| Working capital | ||||||||
| Receivable days | 29 | — | 24 | 22 | 24 | 18 | 15 | 13 |
| Inventory days | 83 | — | 148 | 132 | 174 | 188 | 177 | 122 |
| Payable days | 0 | — | 141 | 122 | 173 | 187 | 148 | 108 |
| NWC days | 113 | — | 31 | 32 | 24 | 19 | 44 | 27 |
| Leverage | ||||||||
| Current ratio | 0.65 | — | 0.77 | 0.92 | 0.88 | 0.82 | 0.78 | 0.74 |
| Debt to EBITDA | 2.32 | — | 4.19 | 4.08 | 3.7 | 3.28 | 3.53 | 2.43 |
| Debt to equity | 0.89 | — | 0.96 | 0.58 | 0.58 | 0.64 | 0.8 | 0.54 |
| Interest coverage | 2.2 | 2.2 | 2.4 | 2.8 | 2.3 | 2.7 | 2.5 | 3 |
| Asset turnover | 1.22 | — | 1.32 | 1.43 | 1.37 | 1.41 | 1.46 | 1.51 |
| Return ratios | ||||||||
| Return on assets % | 2.8% | — | 3.2% | 7.3% | 2.9% | 3.1% | 3.7% | 4.5% |
| Return on capital employed % | 16.3% | — | 8.5% | 7.5% | 7.7% | 10.5% | 11.6% | 11.9% |
| Return on equity % | 11.4% | — | 11.3% | 19% | 7.4% | 8.4% | 10.2% | 10% |
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.