Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 14.6% | 16.5% | 16.5% | 16.2% | 16.7% | 20.4% | 20.1% | 20.6% |
| EBITDA margin % | 1.9% | 2.8% | 3.7% | 3.7% | 4.3% | 3.8% | 3.6% | 2.9% |
| EBIT margin % | 1.5% | 2% | 2.6% | 2.9% | 3.6% | 2.9% | 2.8% | 1.9% |
| PAT margin % | 1.2% | 1.2% | 2.4% | 3.3% | 3.1% | 2% | 1.9% | 1.4% |
| Working capital | ||||||||
| Receivable days | 58 | 46 | — | 59 | 34 | 59 | 54 | 46 |
| Inventory days | 9 | 12 | — | 15 | 11 | 15 | 18 | 20 |
| Payable days | 49 | — | — | 77 | 47 | 66 | 55 | 61 |
| NWC days | 18 | — | — | -3 | -2 | 7 | 17 | 4 |
| Leverage | ||||||||
| Current ratio | 1.04 | 1.08 | — | 1.11 | 1.18 | 1.11 | 1.26 | 1.2 |
| Debt to EBITDA | 5.7 | 4.02 | — | 1.93 | 1.31 | 2.41 | 2.43 | 2.96 |
| Debt to equity | 1.5 | 1.34 | — | 0.71 | 0.57 | 0.81 | 0.67 | 0.65 |
| Interest coverage | 3.5 | 3.3 | 7.8 | 12.1 | 5.8 | 3.1 | 3.1 | 2.4 |
| Asset turnover | 2.99 | 2.84 | — | 2.6 | 3.4 | 2.55 | 2.65 | 2.49 |
| Return ratios | ||||||||
| Return on assets % | 3.6% | 3.5% | — | 8.6% | 10.5% | 5% | 5.1% | 3.4% |
| Return on capital employed % | 20.1% | 26.4% | — | 32.3% | 38% | 25.5% | 23.7% | 17.4% |
| Return on equity % | 16.9% | 14.5% | — | 33.6% | 31% | 17.4% | 14.6% | 10.1% |
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.