Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 89% | 89.9% | 92.8% | 93.1% | 94.4% | 86.9% | 94.3% | 93.4% |
| EBITDA margin % | 50.1% | 49.8% | 46% | 49.5% | 57.6% | 54.7% | 56.7% | 59.6% |
| EBIT margin % | 39.8% | 39.1% | 26.5% | 36.9% | 48.9% | 47.9% | 48.1% | 51.5% |
| PAT margin % | 25.1% | 20% | 4.5% | 18.1% | 56% | 33.5% | 34.3% | 35.2% |
| Working capital | ||||||||
| Receivable days | — | — | 110 | 69 | 33 | 25 | 22 | 26 |
| Inventory days | 1,499 | 1,521 | 3,646 | 2,657 | 2,971 | 547 | 1,294 | 973 |
| Payable days | 246 | 203 | 451 | 460 | 389 | 144 | 340 | 265 |
| NWC days | — | — | 3,305 | 2,266 | 2,615 | 429 | 976 | 734 |
| Leverage | ||||||||
| Current ratio | 1.03 | 0.9 | 1 | 1.87 | 1.34 | 1.51 | 1.14 | 1.29 |
| Debt to EBITDA | 4.01 | 4.22 | 8.22 | 5.43 | 2.8 | 2.12 | 2.16 | 2.01 |
| Debt to equity | 1.15 | 1.1 | 0.81 | 0.6 | 0.51 | 0.49 | 0.45 | 0.48 |
| Interest coverage | 2.5 | 2.4 | 1.1 | 2.1 | 4.1 | 5.2 | 4.9 | 6.3 |
| Asset turnover | 0.2 | 0.18 | 0.09 | 0.1 | 0.15 | 0.21 | 0.18 | 0.19 |
| Return ratios | ||||||||
| Return on assets % | 4.9% | 3.7% | 0.4% | 1.9% | 8.4% | 6.9% | 6.1% | 6.8% |
| Return on capital employed % | 10.5% | 9.7% | 4.2% | 5.7% | 10.3% | 12.7% | 11% | 12.4% |
| Return on equity % | 14.3% | 10.5% | 0.9% | 4.1% | 17.6% | 14.1% | 12.5% | 14.2% |
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.