Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 82.2% | 85.9% | 87.6% | 82.8% | ||||
| 83.8% |
| 89% |
| 91.1% |
| 88% |
| EBITDA margin % | 18.8% | 22.6% | 19.8% | 19.5% | 19.4% | 18.5% | 13.8% | 9.3% |
| EBIT margin % | 12.1% | 13.5% | 10% | 10% | 10.5% | 11.6% | 6.5% | 2.8% |
| PAT margin % | 11.7% | 6.5% | 5.5% | 6.2% | 6.3% | 7.4% | 3.1% | 1.1% |
| Working capital | ||||||||
| Receivable days | — | — | 34 | 48 | 96 | 97 | 128 | 123 |
| Inventory days | — | — | — | — | 153 | 268 | 415 | 360 |
| Payable days | — | — | 0 | 0 | 324 | 364 | 632 | 411 |
| NWC days | — | — | — | — | -75 | 0 | -90 | 72 |
| Leverage | ||||||||
| Current ratio | — | — | 0.6 | 0.75 | 1.2 | 1.09 | 1.1 | 0.88 |
| Debt to EBITDA | — | — | 0.42 | 0.35 | 0.62 | 0.56 | 0.9 | 2.06 |
| Debt to equity | — | — | 0.24 | 0.21 | 0.36 | 0.27 | 0.3 | 0.46 |
| Interest coverage | 3.7 | 2.4 | 2.7 | 4.1 | 4.6 | 6 | 4.5 | 2.7 |
| Asset turnover | — | — | 0.95 | 1.64 | 1.19 | 1.14 | 1.06 | 0.88 |
| Return ratios | ||||||||
| Return on assets % | — | — | 5.2% | 10.1% | 7.6% | 8.4% | 3.3% | 1% |
| Return on capital employed % | — | — | 13.9% | 22.2% | 29.9% | 27.7% | 18% | 9.4% |
| Return on equity % | — | — | 16.1% | 19% | 19% | 19.2% | 7.5% | 2.6% |
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.