Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 29.9% | 21.1% | 26.6% | 26.9% | 33.7% | 27.3% | 24.5% | 21% |
| EBITDA margin % | 9% | 6.3% | 6.9% | 8.5% | 11.5% | 10.1% | 8.5% | 5.9% |
| EBIT margin % | 5% | 4.3% | 5.1% | 7.3% | 9.9% | 8.3% | 7% | 5.1% |
| PAT margin % | 1.4% | 1.3% | 2.6% | 4.3% | 5.6% | 4.2% | 3.3% | 3.1% |
| Working capital | ||||||||
| Receivable days | 60 | 71 | 82 | 68 | 88 | 106 | 98 | 95 |
| Inventory days | 65 | 52 | 82 | 50 | 86 | 92 | 69 | 61 |
| Payable days | 85 | 31 | 34 | 17 | 41 | 30 | 38 | 44 |
| NWC days | 40 | 91 | 130 | 102 | 133 | 167 | 129 | 112 |
| Leverage | ||||||||
| Current ratio | 1.22 | 1.4 | 1.64 | 1.73 | 1.72 | 1.66 | 1.68 | 1.91 |
| Debt to EBITDA | — | 3.6 | 3.44 | 2.52 | 3.51 | 4.82 | 4.09 | 4.16 |
| Debt to equity | — | 1.33 | 0.95 | 1.02 | 1.29 | 1.23 | 1.01 | 0.65 |
| Interest coverage | 1.6 | 1.6 | 2.3 | 4.2 | 4 | 3.1 | 2.7 | 2.9 |
| Asset turnover | 1.57 | 1.98 | 1.68 | 2.06 | 1.23 | 1.04 | 1.27 | 1.38 |
| Return ratios | ||||||||
| Return on assets % | 2.1% | 2.6% | 4.4% | 8.8% | 6.9% | 4.3% | 4.2% | 4.2% |
| Return on capital employed % | 16.3% | 15.8% | 20.5% | 32% | 25.8% | 16.2% | 17.2% | 13.5% |
| Return on equity % | 8.6% | 7.6% | 10.5% | 20.4% | 17.8% | 10.5% | 9.6% | 8.1% |
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.