Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 61.2% | 60.8% | 55.2% | |||||
| 58% |
| 58.8% |
| 56.8% |
| 57.6% |
| 57.2% |
| EBITDA margin % | 15.2% | 14.8% | 18.3% | 16.5% | 13.5% | 15.3% | 13.5% | 17.9% |
| EBIT margin % | 12.2% | 11% | 14.5% | 13.4% | 10.5% | 12.1% | 9.9% | 14.4% |
| PAT margin % | 7.7% | 9% | 11.1% | 10.3% | 7.9% | 9.4% | 6.5% | 10.1% |
| Working capital | ||||||||
| Receivable days | 59 | — | 57 | 51 | 50 | 49 | 45 | 47 |
| Inventory days | 129 | — | 109 | 109 | 114 | 98 | 115 | 97 |
| Payable days | 7 | — | 61 | 70 | 63 | 54 | 63 | 56 |
| NWC days | 181 | — | 105 | 90 | 101 | 93 | 97 | 88 |
| Leverage | ||||||||
| Current ratio | 2 | — | 2.81 | 2.2 | 2.27 | 2.64 | 2.57 | 2.97 |
| Debt to EBITDA | 0.21 | — | 0.19 | 0.21 | 0.35 | 0.24 | 0.28 | 0.15 |
| Debt to equity | 0.06 | — | 0.05 | 0.06 | 0.09 | 0.07 | 0.06 | 0.04 |
| Interest coverage | 24.3 | 17 | 39.5 | 41.1 | 22.1 | 28.3 | 25.1 | 33.1 |
| Asset turnover | 1.25 | — | 1.1 | 1.24 | 1.32 | 1.29 | 1.23 | 1.2 |
| Return ratios | ||||||||
| Return on assets % | 9.6% | — | 12.2% | 12.8% | 10.4% | 12.2% | 8% | 12.1% |
| Return on capital employed % | 22.4% | — | 20.5% | 23.8% | 19.9% | 21.8% | 17% | 23.4% |
| Return on equity % | 14.5% | — | 16.5% | 18% | 14.9% | 16.5% | 10.9% | 15.9% |
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.