Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 28.1% | 30.8% | 30.4% | 26.4% | 25.2% | 25% | 24.4% | 24.5% |
| EBITDA margin % | 10.4% | 10.2% | 11% | 10.3% | 10.2% | 10.3% | 10.2% | 10.5% |
| EBIT margin % | 9.6% | 9% | 9.6% | 9.3% | 9.4% | 9.6% | 9.5% | 9.7% |
| PAT margin % | 4.3% | 5.2% | 6.5% | 6.6% | 6.9% | 7.2% | 7.2% | 7.8% |
| Working capital | ||||||||
| Receivable days | 94 | 102 | 118 | 89 | 73 | 68 | 67 | 57 |
| Inventory days | 83 | 93 | 96 | 93 | 78 | 81 | 86 | 99 |
| Payable days | — | — | 93 | 66 | 53 | 61 | 39 | 55 |
| NWC days | — | — | 120 | 116 | 98 | 88 | 115 | 101 |
| Leverage | ||||||||
| Current ratio | 1.23 | 1.63 | 2.14 | 2.22 | 2.83 | 2.58 | 4.18 | 2.96 |
| Debt to EBITDA | 1.15 | 0.63 | 0.66 | 0.56 | 0.19 | 0.16 | 0.18 | 0.15 |
| Debt to equity | 0.65 | 0.21 | 0.17 | 0.16 | 0.05 | 0.04 | 0.03 | 0.03 |
| Interest coverage | 3.1 | 3.5 | 7.4 | 13.6 | 19.5 | 18.8 | 17.8 | 20.2 |
| Asset turnover | 1.53 | 1.5 | 1.39 | 1.62 | 1.83 | 1.74 | 1.35 | 1.31 |
| Return ratios | ||||||||
| Return on assets % | 6.5% | 7.8% | 9.1% | 10.7% | 12.7% | 12.5% | 9.6% | 10.3% |
| Return on capital employed % | 47.4% | 35.6% | 24.3% | 27% | 27.9% | 28.1% | 21.8% | 20.3% |
| Return on equity % | 23.2% | 17% | 15.4% | 17.6% | 18.4% | 18.4% | 12% | 13.8% |
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.