Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 32.3% | 33.8% | 35.9% | 31.6% | 31.4% | 30.7% | 31.7% | 33.6% |
| EBITDA margin % | — | 8.8% | 11.7% | 14.6% | 10.4% | 12.3% | 11.8% | 13% |
| EBIT margin % | — | 5.5% | 8.4% | 12.8% | 8.3% | 10.1% | 9.3% | 10.5% |
| PAT margin % | 1.1% | 0.6% | 3.4% | 9% | 5.8% | 7% | 6.4% | 7.4% |
| Working capital | ||||||||
| Receivable days | 25 | — | 28 | 42 | 37 | 27 | 29 | 26 |
| Inventory days | 96 | — | 130 | 105 | 125 | 108 | 132 | 122 |
| Payable days | — | — | 123 | 105 | 117 | 95 | 124 | 106 |
| NWC days | — | — | 35 | 42 | 46 | 41 | 36 | 42 |
| Leverage | ||||||||
| Current ratio | — | — | 1.02 | 1.05 | 1.38 | 1.47 | 1.26 | 1.24 |
| Debt to EBITDA | — | — | 2.21 | 1.01 | 1.05 | 1.25 | 1.36 | 1.32 |
| Debt to equity | 1.5 | — | 0.98 | 0.6 | 0.32 | 0.41 | 0.38 | 0.37 |
| Interest coverage | -0.5 | 1.3 | 2.2 | 8.3 | 9.5 | 7.3 | 6.5 | 8.6 |
| Asset turnover | 1.27 | — | 1.14 | 1.43 | 1.32 | 1.25 | 1.09 | 1.06 |
| Return ratios | ||||||||
| Return on assets % | 1.4% | — | 3.9% | 12.8% | 7.7% | 8.7% | 6.9% | 7.8% |
| Return on capital employed % | -3.7% | — | 16% | 38.7% | 26% | 21.9% | 18.1% | 19.6% |
| Return on equity % | 5.6% | — | 13.1% | 36.8% | 17.5% | 18.8% | 15% | 16.1% |
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.