Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 50.2% | 52% | 56.8% | 51.9% | ||||
| 50.3% |
| 52.3% |
| 56.4% |
| 56.7% |
| EBITDA margin % | 13.2% | 17% | 24.7% | 17.4% | 18.3% | 21.1% | 20.2% | 20.4% |
| EBIT margin % | 10.9% | 14.6% | 22.1% | 14.4% | 15.5% | 17.6% | 17% | 17% |
| PAT margin % | 8% | 10.7% | 17.3% | 12.5% | 14.3% | 14.5% | 14.6% | 14.2% |
| Working capital | ||||||||
| Receivable days | — | — | 72 | 97 | 82 | 76 | 75 | 80 |
| Inventory days | — | — | 248 | 216 | 192 | 217 | 270 | 278 |
| Payable days | — | — | — | 102 | 91 | 94 | 98 | 96 |
| NWC days | — | — | — | 211 | 183 | 199 | 247 | 261 |
| Leverage | ||||||||
| Current ratio | — | — | 3.02 | 3.37 | 4.91 | 4.78 | 4.62 | 5.17 |
| Debt to EBITDA | — | — | 0.06 | 0.16 | 0.12 | 0.06 | 0.04 | 0.05 |
| Debt to equity | — | — | 0.02 | 0.03 | 0.02 | 0.01 | 0.01 | 0.01 |
| Interest coverage | 11.8 | 19 | 38.8 | 30.3 | 38 | 38.8 | 44.1 | 24.2 |
| Asset turnover | — | — | 1.12 | 0.91 | 0.85 | 0.81 | 0.81 | 0.76 |
| Return ratios | ||||||||
| Return on assets % | — | — | 19.4% | 11.4% | 12.1% | 11.7% | 11.8% | 10.9% |
| Return on capital employed % | — | — | 33.4% | 23.1% | 22.1% | 21% | 4% | 32.4% |
| Return on equity % | — | — | 26.9% | 15.5% | 15.2% | 15.2% | 15.5% | 13.9% |
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.