Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 76% | 76.2% | 73.8% | 75.4% | ||||
| 77.9% |
| 78.6% |
| 79.3% |
| 80.8% |
| EBITDA margin % | 10.1% | 13.5% | 7.1% | 17.7% | 21.4% | 23% | 23.3% | 20.5% |
| EBIT margin % | 5.3% | 7.6% | -0.1% | 12.7% | 16.7% | 18.1% | 18.2% | 14.8% |
| PAT margin % | 2.1% | 3.8% | -0.6% | 9.2% | 13.4% | 15.7% | 14.4% | 10.2% |
| Working capital | ||||||||
| Receivable days | 34 | 31 | — | 43 | 35 | 31 | 37 | 30 |
| Inventory days | 44 | 30 | — | 24 | 26 | 37 | 35 | 37 |
| Payable days | 2 | 177 | — | 180 | 224 | 205 | 185 | 248 |
| NWC days | 76 | -117 | — | -113 | -163 | -137 | -112 | -181 |
| Leverage | ||||||||
| Current ratio | 1.03 | 0.97 | — | 1.17 | 1.31 | 1.75 | 2.18 | 2.15 |
| Debt to EBITDA | 2.56 | 1.49 | — | 0.83 | 0.79 | 1.25 | 1.73 | 3.01 |
| Debt to equity | 0.68 | 0.55 | — | 0.37 | 0.36 | 0.5 | 0.61 | 1.07 |
| Interest coverage | 2.3 | 3.1 | 0.4 | 7.6 | 11.8 | 10.2 | 7.4 | 5.2 |
| Asset turnover | 1.08 | 1.08 | — | 1.18 | 1.09 | 0.89 | 0.75 | 0.63 |
| Return ratios | ||||||||
| Return on assets % | 2.2% | 4.1% | — | 10.9% | 14.6% | 14% | 10.9% | 6.5% |
| Return on capital employed % | 8.1% | 11.8% | — | 21.5% | 29.7% | 25.6% | 20.5% | 15.1% |
| Return on equity % | 5.5% | 10.5% | — | 23% | 28.5% | 27.4% | 21.8% | 17.8% |
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.