Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 64.5% | 64.2% | 61.8% | 64.9% | 65.2% | 65.8% | 63.9% | 62.9% |
| EBITDA margin % | 27.1% | 28% | 15.6% | 24% | 27.9% | 25.9% | 23.4% | 21.7% |
| EBIT margin % | 20.9% | 20% | -0.4% | 14.6% | 20.8% | 18.6% | 16.7% | 15.3% |
| PAT margin % | 18.6% | 18% | 3.5% | 14% | 17.4% | 17% | 18.3% | 14.1% |
| Working capital | ||||||||
| Receivable days | 72 | — | 93 | 68 | 39 | 44 | 55 | 42 |
| Inventory days | 275 | — | 378 | 327 | 247 | 250 | 247 | 240 |
| Payable days | 25 | — | 30 | 40 | 48 | 49 | 58 | 60 |
| NWC days | 322 | — | 440 | 355 | 238 | 245 | 244 | 222 |
| Leverage | ||||||||
| Current ratio | 5.56 | — | 3.83 | 2.3 | 3.05 | 3.13 | 3.34 | 2.86 |
| Debt to EBITDA | 0.16 | — | 0.95 | 1.09 | 0.58 | 0.34 | 0.22 | 0.09 |
| Debt to equity | 0.04 | — | 0.06 | 0.17 | 0.15 | 0.07 | 0.04 | 0.02 |
| Interest coverage | 22 | 22.9 | 3.3 | 11.8 | 13 | 15.1 | 28.5 | 30.7 |
| Asset turnover | 0.65 | — | 0.3 | 0.45 | 0.69 | 0.68 | 0.65 | 0.62 |
| Return ratios | ||||||||
| Return on assets % | 12% | — | 1.1% | 6.4% | 12% | 11.5% | 11.8% | 8.7% |
| Return on capital employed % | 17.8% | — | 2.1% | 10.4% | 17.9% | 16.5% | 18.8% | 13.7% |
| Return on equity % | 15.3% | — | 1.3% | 9.1% | 15.8% | 14.6% | 14.3% | 10.6% |
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.