Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 23.6% | 28.2% | 32.5% | 26% | 20.5% | 23.5% | 22% | 37.5% |
| EBITDA margin % | 8.1% | 9.6% | 9.9% | 8.4% | 6.2% | 7.7% | 8.6% | 12.3% |
| EBIT margin % | 6% | 6.6% | 7.6% | 6.3% | 4.1% | 5.7% | 7.3% | 10.1% |
| PAT margin % | 2.7% | 3.2% | 4.9% | 4.8% | 3.1% | 3.4% | 4.4% | 4.8% |
| Working capital | ||||||||
| Receivable days | 97 | — | 115 | 93 | 81 | 41 | 93 | 103 |
| Inventory days | 47 | — | 86 | 73 | 25 | 98 | 169 | 251 |
| Payable days | — | — | 135 | 174 | 70 | 76 | 160 | 241 |
| NWC days | — | — | 67 | -8 | 36 | 63 | 102 | 114 |
| Leverage | ||||||||
| Current ratio | — | — | 1.33 | 1.45 | 1.67 | 1.92 | 1.39 | 1.36 |
| Debt to EBITDA | 1.12 | — | 1.38 | 0.27 | 2.14 | 1.28 | 1.51 | 1.14 |
| Debt to equity | 0.29 | — | 0.34 | 0.05 | 0.29 | 0.22 | 0.28 | 0.24 |
| Interest coverage | 2.4 | 2.1 | 3.6 | 4.6 | 3.2 | 2.6 | 3.1 | 2.6 |
| Asset turnover | 1.39 | — | 1.16 | 1.18 | 1.29 | 1.3 | 0.93 | 0.71 |
| Return ratios | ||||||||
| Return on assets % | 3.7% | — | 5.6% | 5.6% | 3.9% | 4.4% | 4.1% | 3.4% |
| Return on capital employed % | — | — | 21.6% | 18.6% | 12.3% | 16.9% | 18.2% | 18.4% |
| Return on equity % | 8.4% | — | 12.1% | 10.8% | 6.8% | 7.5% | 9.5% | 8.2% |
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.