Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 61% | 65.6% | 68.9% | 67.8% | ||||
| 68.3% |
| 64.4% |
| 64.8% |
| 66.8% |
| EBITDA margin % | 12.4% | 12.2% | 11.6% | 9.2% | 9.4% | 8.5% | 8.6% | 8.8% |
| EBIT margin % | 10.9% | 10% | 9.3% | 7.5% | 8.1% | 7.5% | 7.7% | 7.7% |
| PAT margin % | 4.4% | 3.5% | 3.6% | 4.4% | 4.2% | 3.6% | 3.9% | 3.5% |
| Working capital | ||||||||
| Receivable days | 100 | 120 | 126 | 83 | 75 | 55 | 55 | 66 |
| Inventory days | 103 | 166 | 180 | 117 | 102 | 87 | 85 | 129 |
| Payable days | — | — | 565 | 447 | 393 | 330 | 384 | 417 |
| NWC days | — | — | -259 | -246 | -217 | -189 | -244 | -222 |
| Leverage | ||||||||
| Current ratio | 1.28 | 1.33 | 1.38 | 1.37 | 1.34 | 1.34 | 1.34 | 1.36 |
| Debt to EBITDA | 1.48 | 1.72 | 2.24 | 1.27 | 0.67 | 0.55 | 0.83 | 1.88 |
| Debt to equity | 0.51 | 0.38 | 0.4 | 0.23 | 0.16 | 0.15 | 0.22 | 0.44 |
| Interest coverage | 2.9 | 1.8 | 1.8 | 1.9 | 2.7 | 2.8 | 2.7 | 2.3 |
| Asset turnover | 0.88 | 0.64 | 0.59 | 0.77 | 0.94 | 1.15 | 1.06 | 0.8 |
| Return ratios | ||||||||
| Return on assets % | 3.9% | 2.3% | 2.1% | 3.4% | 3.9% | 4.1% | 4.1% | 2.8% |
| Return on capital employed % | 28.4% | 17.7% | 15% | 15.4% | 22% | 24.7% | 25% | 19.6% |
| Return on equity % | 12.4% | 6.4% | 5.5% | 8.8% | 10.5% | 11.2% | 11.9% | 9.2% |
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.