Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 47.8% | 49.7% | 47.4% | 42.9% | 44.9% | 46% | 50.6% |
| EBITDA margin % | 26.6% | 28.8% | 30.5% | 30.4% | 27.1% | 28.6% | 28.8% | 29.5% |
| EBIT margin % | 18% | 19.3% | 19.3% | 20% | 18.7% | 19.5% | 19.5% | 19% |
| PAT margin % | 14% | 10.9% | 13.4% | 12.8% | 9.7% | 12% | 12.7% | 14.7% |
| Working capital | ||||||||
| Receivable days | 45 | 68 | 92 | 100 | 60 | 68 | 67 | 71 |
| Inventory days | 41 | 71 | 64 | 53 | 52 | 67 | 67 | 74 |
| Payable days | 43 | 4 | 3 | 53 | 50 | 42 | 40 | 47 |
| NWC days | 43 | 135 | 153 | 100 | 61 | 93 | 95 | 98 |
| Leverage | ||||||||
| Current ratio | 0.65 | 0.88 | 0.8 | 0.76 | 0.81 | 0.84 | 0.92 | 0.82 |
| Debt to EBITDA | 6.16 | 6.11 | 6.16 | 5.44 | 4.61 | 4.6 | 4.57 | 4.83 |
| Debt to equity | 1.48 | 1.62 | 1.66 | 1.62 | 1.5 | 1.46 | 1.34 | 1.32 |
| Interest coverage | 3.6 | 3 | 2.8 | 3.1 | 3.1 | 3.1 | 3 | 2.8 |
| Asset turnover | 0.29 | 0.29 | 0.28 | 0.31 | 0.4 | 0.37 | 0.36 | 0.34 |
| Return ratios | ||||||||
| Return on assets % | 4% | 3.1% | 3.8% | 4% | 3.8% | 4.4% | 4.6% | 4.9% |
| Return on capital employed % | 8.3% | 8.2% | 8% | 8.7% | 9.9% | 10.1% | 9.8% | 8.8% |
| Return on equity % | 12.6% | 10% | 11.9% | 12.5% | 11.6% | 13.3% | 13% | 13.6% |
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.