Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 93.6% | 92.5% | 91.9% | ||||
| 93.5% |
| 94.5% |
| 92.1% |
| 91.2% |
| EBITDA margin % | 43.8% | 43.4% | 47.4% | 48.2% | 50.4% | 45% | 47.4% | 52.1% |
| EBIT margin % | 35.8% | 36.5% | 36.4% | 36.4% | 37.4% | 31.5% | 33.7% | 37.1% |
| PAT margin % | 12.7% | 10.5% | 2.2% | 6.2% | 11.3% | 8.2% | 85.1% | 11.1% |
| Working capital | ||||||||
| Receivable days | 6 | — | 23 | 62 | 93 | 37 | 16 | 7 |
| Inventory days | 43 | — | 294 | 246 | 261 | 263 | 206 | 199 |
| Payable days | 68 | — | 654 | 296 | 438 | 607 | 317 | 139 |
| NWC days | -19 | — | -336 | 13 | -84 | -306 | -95 | 67 |
| Leverage | ||||||||
| Current ratio | 0.47 | — | 1.05 | 1.78 | 1.62 | 1.24 | 1.58 | 1.24 |
| Debt to EBITDA | 5.35 | — | 7.65 | 5.96 | 5.18 | 5.6 | 5.71 | 5.02 |
| Debt to equity | 2.49 | — | 2.78 | 1.33 | 1.25 | 1.36 | 1.04 | 0.96 |
| Interest coverage | 2.3 | 1.7 | 1.3 | 1.4 | 1.8 | 1.7 | 1.7 | 1.7 |
| Asset turnover | 0.17 | — | 0.13 | 0.14 | 0.15 | 0.16 | 0.14 | 0.14 |
| Return ratios | ||||||||
| Return on assets % | 2.1% | — | 0.3% | 0.8% | 1.7% | 1.3% | 12% | 1.6% |
| Return on capital employed % | 7.7% | — | 5.9% | 7.1% | 6.9% | 7.9% | 6.6% | 6.1% |
| Return on equity % | 13.5% | — | 1.7% | 2.9% | 5.4% | 4.4% | 32.7% | 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.