Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 50% | 55.4% | 52.1% | 56.4% | 55.7% | 48.2% | 39.3% | 38.2% |
| EBITDA margin % | 26.7% | 28.5% | 20.4% | 25.1% | 31.3% | 24.3% | 13.8% | 13.1% |
| EBIT margin % | 22.7% | 23.6% | 14.1% | 20.3% | 26.9% | 19.6% | 8.9% | 7.7% |
| PAT margin % | 13.1% | 15.3% | 8.6% | 13.7% | 18.8% | 17% | 6.1% | 3.9% |
| Working capital | ||||||||
| Receivable days | 8 | 9 | 10 | 20 | 20 | 20 | 23 | 28 |
| Inventory days | 78 | 133 | 106 | 110 | 105 | 100 | 112 | 113 |
| Payable days | — | — | 110 | 111 | 84 | 72 | 67 | 71 |
| NWC days | — | — | 7 | 19 | 40 | 48 | 68 | 69 |
| Leverage | ||||||||
| Current ratio | 1.67 | 1.39 | 1.41 | 1.56 | 1.66 | 2.07 | 1.87 | 1.37 |
| Debt to EBITDA | 1.5 | 1.77 | 4.93 | 3.08 | 1.39 | 1.36 | 2.03 | 2.64 |
| Debt to equity | 0.64 | 0.65 | 1.1 | 1.02 | 0.69 | 0.43 | 0.35 | 0.44 |
| Interest coverage | 6.4 | 6.4 | 3.9 | 7 | 8.6 | 7.4 | 4 | 2.7 |
| Asset turnover | 0.72 | 0.58 | 0.42 | 0.52 | 0.72 | 0.71 | 0.7 | 0.67 |
| Return ratios | ||||||||
| Return on assets % | 9.4% | 8.9% | 3.6% | 7.1% | 13.5% | 12.1% | 4.3% | 2.6% |
| Return on capital employed % | 24.3% | 20.8% | 10.3% | 15.8% | 27.9% | 20.2% | 8.9% | 7.4% |
| Return on equity % | 20.8% | 19.8% | 9.4% | 18.2% | 30% | 22.4% | 7.6% | 5% |
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.