Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 50.8% | 53.3% | 56.5% | 56.7% | 59.1% | 57.8% | 53.9% | 52.2% |
| EBITDA margin % | 10.5% | 10.3% | 8.7% | 6.6% | 4.8% | 6.1% | 6.9% | 7.1% |
| EBIT margin % | 9.4% | 9.1% | 7.5% | 5.4% | 3.9% | 5.2% | 6% | 6.2% |
| PAT margin % | 4.5% | 4.7% | 4.2% | 2.4% | 1% | 1.7% | 2.6% | 2.6% |
| Working capital | ||||||||
| Receivable days | 162 | 166 | 150 | 136 | 146 | 76 | 84 | 101 |
| Inventory days | 43 | 51 | 54 | 65 | 59 | 53 | 41 | 50 |
| Payable days | 324 | 9 | 395 | 420 | 433 | 400 | 326 | 282 |
| NWC days | -119 | 208 | -191 | -219 | -229 | -271 | -200 | -132 |
| Leverage | ||||||||
| Current ratio | 1.19 | 1.13 | 1.16 | 1.13 | 1.11 | 1.11 | 1.19 | 1.23 |
| Debt to EBITDA | 1.48 | 1.67 | 1.69 | 3.17 | 4.08 | 3.28 | 2.63 | 3.08 |
| Debt to equity | 0.7 | 0.74 | 0.57 | 0.79 | 0.9 | 0.97 | 0.74 | 0.83 |
| Interest coverage | 3.4 | 3.6 | 3.9 | 2.4 | 1.3 | 1.7 | 2.1 | 2.3 |
| Asset turnover | 0.94 | 0.93 | 0.93 | 0.84 | 0.93 | 1.05 | 0.98 | 0.93 |
| Return ratios | ||||||||
| Return on assets % | 4.2% | 4.4% | 3.9% | 2% | 0.9% | 1.8% | 2.6% | 2.4% |
| Return on capital employed % | 35.1% | 34.9% | 29.5% | 19% | 16.1% | 24.1% | 26.6% | 23.1% |
| Return on equity % | 20.4% | 20.2% | 16.5% | 9.2% | 4.7% | 8.5% | 10.7% | 9.8% |
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.