Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 51.7% | 53.7% | 56.6% | |||||
Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 51.7% | 53.7% | 56.6% | |||||
| 49.9% |
| 55.5% |
| 57.8% |
| 65.1% |
| 62.3% |
| EBITDA margin % | 44.7% | 46.8% | 48.7% | 43.9% | 50.4% | 53% | 58.7% | 55.9% |
| EBIT margin % | 43% | 44.8% | 46.7% | 42.4% | 49.4% | 48.7% | 57% | 53.7% |
| PAT margin % | 31.6% | 30.8% | 36% | 38.9% | 45.4% | 42.9% | 42.1% | 41.7% |
| Working capital | ||||||||
| Receivable days | 15 | — | 23 | 17 | 96 | 17 | 8 | 20 |
| Inventory days | 1,219 | — | 1,910 | 1,362 | 1,670 | 1,783 | 1,869 | 1,641 |
| Payable days | 76 | — | 123 | 106 | 34 | 104 | 130 | 79 |
| NWC days | 1,158 | — | 1,810 | 1,273 | 1,732 | 1,696 | 1,747 | 1,581 |
| Leverage | ||||||||
| Current ratio | 3.03 | — | 3.25 | 3.13 | 3.79 | 3.89 | 4.34 | 3.99 |
| Debt to EBITDA | 0.72 | — | 1.53 | 2.42 | 1.87 | 1.05 | 1.06 | 0.84 |
| Debt to equity | 0.1 | — | 0.16 | 0.27 | 0.32 | 0.18 | 0.21 | 0.16 |
| Interest coverage | 61.5 | 11.9 | 13.1 | 13.9 | 12.9 | 52.9 | 12.1 | 14.6 |
| Asset turnover | 0.23 | — | 0.17 | 0.17 | 0.22 | 0.23 | 0.23 | 0.24 |
| Return ratios | ||||||||
| Return on assets % | 7.3% | — | 6.1% | 6.7% | 10.2% | 9.8% | 9.8% | 9.9% |
| Return on capital employed % | 15.1% | — | 10% | 10.5% | 15.4% | 15.9% | 18% | 17.5% |
| Return on equity % | 10.2% | — | 7.9% | 10.1% | 15.6% | 13.9% | 14.2% | 14% |
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.