Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 16.8% | 27.4% | 21.7% | 18.8% | 16.8% | ||
| 18% |
| 16.9% |
| EBITDA margin % | 9.7% | 10.9% | 9.1% | 9.3% | 7.1% | 8.5% | 7.3% |
| EBIT margin % | 8.2% | 8.5% | 7.2% | 8% | 5.9% | 7.4% | 6.1% |
| PAT margin % | 8.8% | 6.7% | 6.8% | 7.3% | 7.3% | 5.8% | 5% |
| Working capital | |||||||
| Receivable days | 152 | 97 | 125 | 157 | 147 | 182 | 241 |
| Inventory days | 84 | 54 | 31 | 31 | 26 | 35 | 29 |
| Payable days | — | 50 | 72 | 94 | 42 | 72 | 90 |
| NWC days | — | 101 | 84 | 93 | 131 | 146 | 181 |
| Leverage | |||||||
| Current ratio | — | 1.97 | 2.08 | 2.1 | 2.62 | 2.44 | 2.05 |
| Debt to EBITDA | — | 1.13 | 1.01 | 0.99 | 2.27 | 1.71 | 2.91 |
| Debt to equity | — | 0.31 | 0.24 | 0.29 | 0.43 | 0.32 | 0.45 |
| Interest coverage | 5.4 | 4.4 | 5 | 5.8 | 4.7 | 4.3 | 3.8 |
| Asset turnover | 0.72 | 1.13 | 1.27 | 1.29 | 1.33 | 1.18 | 1.03 |
| Return ratios | |||||||
| Return on assets % | 6.4% | 7.6% | 8.6% | 9.5% | 9.7% | 6.8% | 5.2% |
| Return on capital employed % | — | 16.8% | 19.2% | 22.3% | 20.3% | 18.8% | 15.8% |
| Return on equity % | 14% | 16.6% | 17.8% | 22.7% | 19.7% | 12.6% | 10.7% |
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.