Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 41.1% | 39.9% | 41.3% | 43.6% | ||||
| 43.4% |
| 44.6% |
| 45.6% |
| 45.9% |
| EBITDA margin % | 18.2% | 19% | 19.1% | 17.8% | 16.3% | 15.9% | 17.5% | 16% |
| EBIT margin % | 17% | 17.3% | 17.1% | 15.4% | 13.9% | 12.6% | 14% | 12.8% |
| PAT margin % | 8.8% | 9.4% | 9.3% | 9.2% | 7.3% | 5.2% | 4.5% | 3.3% |
| Working capital | ||||||||
| Receivable days | 93 | 90 | 85 | 82 | 94 | 149 | 94 | 161 |
| Inventory days | 188 | 257 | 211 | 258 | 275 | 365 | 267 | 445 |
| Payable days | 111 | 71 | 122 | 131 | 147 | 138 | 227 | 346 |
| NWC days | 169 | 276 | 174 | 209 | 223 | 376 | 134 | 260 |
| Leverage | ||||||||
| Current ratio | 1.37 | 1.54 | 1.35 | 2.26 | 1.6 | 1.49 | 1.36 | 1.17 |
| Debt to EBITDA | 2.67 | 2.28 | 3.2 | 2.62 | 3.25 | 3.58 | 4.15 | 9.67 |
| Debt to equity | 1.65 | 0.85 | 1.13 | 0.52 | 0.75 | 0.52 | 0.72 | 1.63 |
| Interest coverage | 3.4 | 4.4 | 4.2 | 4 | 3.5 | 2.3 | 2.3 | 1.5 |
| Asset turnover | 0.97 | 0.86 | 0.68 | 0.61 | 0.65 | 0.47 | 0.45 | 0.3 |
| Return ratios | ||||||||
| Return on assets % | 8.5% | 8.1% | 6.4% | 5.6% | 4.7% | 2.4% | 2% | 1% |
| Return on capital employed % | 38.1% | 31.6% | 22.2% | 17% | 16.3% | 12% | 11.6% | 8.5% |
| Return on equity % | 29.8% | 18.3% | 17.1% | 10.2% | 10.4% | 4.7% | 4.4% | 3.5% |
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.