Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 50.3% | 52% | 48.4% | 44.3% | 48.4% | 50.6% | 47.4% | 47.6% |
| EBITDA margin % | — | 4% | 4.1% | 5.2% | 8.1% | 9% | 9% | 9.2% |
| EBIT margin % | — | 1.5% | 1.1% | 3.4% | 6.5% | 7.1% | 7.3% | 7.5% |
| PAT margin % | 0.4% | 1.3% | 1.2% | 2.6% | 4.8% | 4.9% | 5.1% | 5.4% |
| Working capital | ||||||||
| Receivable days | 46 | — | 59 | 49 | 24 | 28 | 26 | 30 |
| Inventory days | 99 | — | 132 | 130 | 115 | 108 | 109 | 122 |
| Payable days | — | — | 117 | 106 | 88 | 105 | 86 | 97 |
| NWC days | — | — | 74 | 74 | 51 | 32 | 49 | 55 |
| Leverage | ||||||||
| Current ratio | 1.39 | — | 1.47 | 1.37 | 1.42 | 1.45 | 1.57 | 1.6 |
| Debt to EBITDA | — | — | 5.36 | 3.72 | 1.75 | 1.45 | 1.37 | 1.48 |
| Debt to equity | 0.67 | — | 0.63 | 0.87 | 0.62 | 0.56 | 0.48 | 0.47 |
| Interest coverage | 0.3 | 1.8 | 1 | 2.7 | 3.5 | 3.3 | 3.6 | 4 |
| Asset turnover | 1.6 | — | 1.15 | 1.52 | 1.77 | 1.73 | 1.74 | 1.55 |
| Return ratios | ||||||||
| Return on assets % | 0.6% | — | 1.4% | 3.9% | 8.6% | 8.5% | 8.9% | 8.3% |
| Return on capital employed % | 1.4% | — | 5.2% | 15.3% | 24.8% | 26.7% | 28.1% | 24.9% |
| Return on equity % | 1.5% | — | 3.4% | 11.7% | 21.2% | 21.1% | 20% | 18.5% |
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.