Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 42.7% | 44.2% | 43.9% | 43.7% | 42.1% | 40% | 41% | 39.2% |
| EBITDA margin % | 12.5% | 13.6% | 11.3% | 14% | 10.2% | 7.7% | 6.2% | 3.4% |
| EBIT margin % | 9.4% | 8.6% | 4.9% | 10.4% | 6.2% | 3.2% | 1% | -2.5% |
| PAT margin % | 4.2% | 3.8% | 0.8% | 6.7% | 4.1% | 1.9% | -0.6% | -0.1% |
| Working capital | ||||||||
| Receivable days | 49 | 41 | 28 | 13 | 65 | 46 | 42 | 48 |
| Inventory days | 240 | 214 | 264 | 61 | 155 | 149 | 171 | 164 |
| Payable days | — | — | — | — | 91 | 73 | 73 | 69 |
| NWC days | — | — | — | — | 129 | 121 | 140 | 142 |
| Leverage | ||||||||
| Current ratio | 1.56 | 1.53 | 1.9 | 1.84 | 1.87 | 2.35 | 2.3 | 3.81 |
| Debt to EBITDA | 2.2 | 1.57 | 1.18 | 0.21 | 0.4 | 0.73 | 1.32 | 0.83 |
| Debt to equity | 0.52 | 0.43 | 0.22 | 0.1 | 0.05 | 0.06 | 0.08 | 0.03 |
| Interest coverage | 3.2 | 2.4 | 1.3 | 6.7 | 4.7 | 2.4 | 0.7 | -1.4 |
| Asset turnover | 1.03 | 1 | 0.9 | 2.29 | 0.86 | 0.88 | 0.79 | 0.76 |
| Return ratios | ||||||||
| Return on assets % | 4.4% | 3.8% | 0.7% | 15.4% | 3.5% | 1.7% | -0.5% | -0.1% |
| Return on capital employed % | 17% | 14.5% | 6.2% | 25.7% | 8.2% | 4.9% | 1.2% | -1.8% |
| Return on equity % | 8% | 7.6% | 1.3% | 22.4% | 5% | 2.2% | -0.6% | -0.1% |
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.