Consolidated figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 31.7% | 32.3% | 32.2% | 31.8% | ||||
| 32.8% |
| 36.1% |
| 35.5% |
| 35.8% |
| EBITDA margin % | 8.9% | 8% | 8.9% | 10% | 10.8% | 13% | 12.8% | 13.5% |
| EBIT margin % | 6.7% | 4.9% | 5.8% | 7.4% | 8% | 8.9% | 9.2% | 9.8% |
| PAT margin % | 5% | 5.2% | 4.6% | 5.4% | 6% | 5.9% | 6.3% | 6.9% |
| Working capital | ||||||||
| Receivable days | 90 | — | 73 | 64 | 91 | 76 | 80 | 76 |
| Inventory days | 37 | — | 41 | 40 | 47 | 50 | 57 | 48 |
| Payable days | — | — | 100 | 82 | 113 | 98 | 107 | 100 |
| NWC days | — | — | 15 | 22 | 26 | 28 | 30 | 24 |
| Leverage | ||||||||
| Current ratio | — | — | 1.3 | 1.34 | 1.3 | 1.19 | 1.12 | 1.05 |
| Debt to EBITDA | 0.65 | — | 0.74 | 0.82 | 2.76 | 1.85 | 1.65 | 1.52 |
| Debt to equity | 0.15 | — | 0.14 | 0.23 | 0.83 | 0.86 | 0.82 | 0.83 |
| Interest coverage | 32.6 | 7.8 | 8.4 | 13.3 | 10.6 | 4.3 | 4.9 | 5 |
| Asset turnover | 1.33 | — | 1.12 | 1.32 | 0.85 | 1.09 | 1.12 | 1.23 |
| Return ratios | ||||||||
| Return on assets % | 6.6% | — | 5.2% | 7.2% | 5.1% | 6.4% | 7.1% | 8.5% |
| Return on capital employed % | — | — | 13.3% | 19.4% | 16.4% | 20.2% | 23.4% | 27% |
| Return on equity % | 12.7% | — | 9.6% | 15.1% | 16.8% | 21.1% | 24.5% | 27.9% |
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.