Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 13.8% | 7.6% | 18.3% | 16.4% | ||||
| 13% |
| 15.2% |
| 15.8% |
| 15.4% |
| EBITDA margin % | 5.6% | -0.4% | 5.9% | 5.9% | 3.5% | 4.5% | 4.3% | 4.3% |
| EBIT margin % | 5.1% | -1% | 5.1% | 5.3% | 3% | 3.8% | 3.5% | 3.4% |
| PAT margin % | 2.4% | -1.4% | 3.2% | 3.6% | 1.9% | 2.6% | 2.1% | 2.1% |
| Working capital | ||||||||
| Receivable days | — | — | 35 | 20 | 19 | 34 | 35 | 46 |
| Inventory days | — | — | 59 | 53 | 39 | 56 | 39 | 48 |
| Payable days | — | — | 17 | 15 | 13 | 17 | 16 | 24 |
| NWC days | — | — | 77 | 58 | 45 | 73 | 58 | 70 |
| Leverage | ||||||||
| Current ratio | — | — | 1.76 | 2.03 | 2.63 | 2.17 | 2.45 | 2.08 |
| Debt to EBITDA | — | — | 1.67 | 0.97 | 0.86 | 1.57 | 0.97 | 1.22 |
| Debt to equity | — | — | 0.43 | 0.32 | 0.17 | 0.28 | 0.18 | 0.21 |
| Interest coverage | 3 | -0.5 | 5.9 | 8.9 | 6.3 | 8.7 | 4.8 | 5.6 |
| Asset turnover | — | — | 2.42 | 3.3 | 3.64 | 2.46 | 2.91 | 2.45 |
| Return ratios | ||||||||
| Return on assets % | — | — | 7.8% | 11.8% | 6.8% | 6.4% | 6.2% | 5.1% |
| Return on capital employed % | — | — | 19.2% | 28.7% | 14.9% | 13.7% | 14.3% | 12.9% |
| Return on equity % | — | — | 13.8% | 19.8% | 10.2% | 10.2% | 9.3% | 8.2% |
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.