Consolidated figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 42.7% | 39.6% | 37% | 37% | 35.4% | 37.1% | 37.8% | 37% |
| EBITDA margin % | 7% | 8.9% | 9.2% | 9.9% | 10.7% | 11.1% | 11.4% | 11.7% |
| EBIT margin % | 4.4% | 4.7% | 5.2% | 6.1% | 7.5% | 7.5% | 7.3% | 7.9% |
| PAT margin % | 3% | -7.1% | 2.2% | 6.5% | 6.6% | 4.9% | 5.1% | 5.8% |
| Working capital | ||||||||
| Receivable days | 377 | 51 | 68 | 70 | 54 | 63 | 60 | 59 |
| Inventory days | 517 | 85 | 97 | 93 | 75 | 66 | 67 | 66 |
| Payable days | — | 109 | 124 | 110 | 95 | 89 | 96 | 107 |
| NWC days | — | 26 | 41 | 53 | 34 | 40 | 31 | 18 |
| Leverage | ||||||||
| Current ratio | 1.13 | 1.31 | 1.44 | 1.53 | 1.27 | 1.8 | 0.85 | 0.94 |
| Debt to EBITDA | 8.07 | 1.71 | 2.23 | 1.33 | 1.2 | 0.68 | 2.34 | 1.68 |
| Debt to equity | 0.42 | 0.44 | 0.42 | 0.29 | 0.35 | 0.18 | 0.61 | 0.46 |
| Interest coverage | 5 | 3.5 | 4.4 | 6.7 | 8.3 | 6.5 | 6 | 4.2 |
| Asset turnover | 0.27 | 1.21 | 1.02 | 1.16 | 1.33 | 1.35 | 1.04 | 1.13 |
| Return ratios | ||||||||
| Return on assets % | 0.8% | -8.6% | 2.3% | 7.5% | 8.8% | 6.6% | 5.2% | 6.5% |
| Return on capital employed % | 3.9% | 15.9% | 12.7% | 14.4% | 19.3% | 17% | 15.3% | 16.2% |
| Return on equity % | 2.2% | -20.5% | 4.6% | 14.4% | 17.9% | 11.5% | 11.6% | 13.6% |
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.