Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 59.4% | 56.5% | 57.2% | 53.4% | ||||
| 52.5% |
| 58.6% |
| 57% |
| 50% |
| EBITDA margin % | 22.9% | 17.9% | 22% | 21.7% | 10.9% | 16.3% | 20.4% | 4.3% |
| EBIT margin % | 18.4% | 14.3% | 16.9% | 18.9% | 7.1% | 12.9% | 18.8% | -2.4% |
| PAT margin % | 13.4% | 14% | 11.9% | 15.9% | 10.2% | 9.1% | 13.8% | -2% |
| Working capital | ||||||||
| Receivable days | 99 | 124 | — | 145 | 133 | 152 | 126 | 68 |
| Inventory days | 191 | 148 | — | 154 | 161 | 235 | 165 | 165 |
| Payable days | — | — | — | 61 | 58 | 79 | 67 | 61 |
| NWC days | — | — | — | 238 | 237 | 308 | 224 | 173 |
| Leverage | ||||||||
| Current ratio | — | — | — | 4.18 | 5.05 | 3.59 | 2.53 | 1.5 |
| Debt to EBITDA | 0.63 | 0.73 | — | 0.43 | 0.41 | 6.78 | 5.39 | 42.26 |
| Debt to equity | 0.15 | 0.15 | — | 0.09 | 0.03 | 0.75 | 1.05 | 1.16 |
| Interest coverage | 34.5 | 20.6 | 31.8 | 48.7 | 18.7 | 12.8 | 14.5 | 0.8 |
| Asset turnover | 0.8 | 0.89 | — | 0.79 | 0.49 | 0.32 | 0.38 | 0.22 |
| Return ratios | ||||||||
| Return on assets % | 10.7% | 12.4% | — | 12.6% | 5% | 2.9% | 5.2% | -0.4% |
| Return on capital employed % | 18.7% | 19.3% | — | 21.2% | 8.9% | 6.7% | 10% | 1.4% |
| Return on equity % | 14.4% | 16.1% | — | 15.4% | 6.6% | 6.2% | 13.1% | -1.3% |
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.