Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 39.5% | 39.4% | 39.3% | 36.7% | 35.3% | ||
| 43.1% |
| 37.3% |
| EBITDA margin % | 23.7% | 24.5% | 21.3% | 20.1% | 23.2% | 30.5% | 21.2% |
| EBIT margin % | 17.4% | 18.2% | 15.9% | 16.9% | 21.1% | 27.7% | 18.9% |
| PAT margin % | 9.8% | 8.6% | 8.1% | 8.3% | 10.5% | 12.1% | 15.5% |
| Working capital | |||||||
| Receivable days | — | 25 | 34 | 50 | 69 | 68 | 103 |
| Inventory days | — | 37 | 40 | 55 | 50 | 82 | 83 |
| Payable days | — | 76 | 43 | 50 | 62 | 83 | 86 |
| NWC days | — | -14 | 31 | 56 | 57 | 66 | 100 |
| Leverage | |||||||
| Current ratio | — | 1.72 | 1.68 | 1.69 | 2.07 | 2.29 | 3.72 |
| Debt to EBITDA | — | 2.95 | 3.11 | 3.92 | 4 | 4.52 | 4.53 |
| Debt to equity | — | 1.37 | 1.32 | 1.46 | 1.55 | 1.56 | 0.76 |
| Interest coverage | 2.6 | 2.7 | 2.9 | 3 | 2.9 | 2.4 | 2 |
| Asset turnover | 1.98 | 0.6 | 0.68 | 0.63 | 0.55 | 0.37 | 0.39 |
| Return ratios | |||||||
| Return on assets % | 19.5% | 5.2% | 5.5% | 5.2% | 5.8% | 4.5% | 6% |
| Return on capital employed % | — | 14.7% | 14.6% | 14.5% | 15.9% | 14.1% | 8.3% |
| Return on equity % | — | 16.3% | 16% | 15.4% | 17.5% | 13.6% | 12.2% |
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.