Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 49% | 47.2% | 59.3% | 59.5% | 43.8% | 47.6% | 46.7% | 47.9% |
| EBITDA margin % | 22.4% | 16.2% | 25.2% | 26.7% | 11.2% | 16.1% | 13.6% | 16.1% |
| EBIT margin % | 17.6% | 10.4% | 19.4% | 22.5% | 6.7% | 11.5% | 8.1% | 10.9% |
| PAT margin % | 8.9% | 5.3% | 9.9% | 14.3% | 2.5% | 5.1% | 2.1% | 13.8% |
| Working capital | ||||||||
| Receivable days | 31 | 22 | 21 | 19 | 16 | 16 | 18 | 22 |
| Inventory days | 123 | 130 | 160 | 208 | 130 | 151 | 142 | 124 |
| Payable days | 0 | 169 | 171 | 190 | 149 | 133 | 132 | 55 |
| NWC days | 153 | -17 | 9 | 36 | -4 | 33 | 28 | 91 |
| Leverage | ||||||||
| Current ratio | 0.8 | 0.83 | 0.83 | 1.14 | 0.97 | 0.98 | 1.17 | 1.49 |
| Debt to EBITDA | 1.9 | 4.46 | 3.2 | 1.79 | 4.24 | 3.03 | 4.19 | 3.2 |
| Debt to equity | 1.03 | 1.45 | 1.41 | 1.04 | 1.2 | 1.1 | 1.21 | 0.95 |
| Interest coverage | 3.9 | 1.9 | 4.1 | 7 | 1.8 | 2.6 | 1.7 | 2.4 |
| Asset turnover | 0.74 | 0.56 | 0.54 | 0.74 | 0.79 | 0.77 | 0.7 | 0.69 |
| Return ratios | ||||||||
| Return on assets % | 6.5% | 3% | 5.3% | 10.7% | 2% | 3.9% | 1.5% | 9.5% |
| Return on capital employed % | 22.2% | 10.2% | 16.7% | 28.4% | 8.6% | 13.9% | 8.4% | 11.3% |
| Return on equity % | 21.6% | 10.7% | 17.3% | 31.1% | 6.3% | 11.6% | 4.4% | 25.5% |
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.