Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 38.3% | 38.2% | 41.2% | 40.8% | 40.2% | 42.4% | 46.2% | 48.6% |
| EBITDA margin % | 15.9% | 16.4% | 16.3% | 13.8% | 11.6% | 18.5% | 21.6% | 25.2% |
| EBIT margin % | 12.4% | 12.6% | 10.7% | 8.5% | 4.8% | 11.5% | 15.3% | 19.6% |
| PAT margin % | 7% | 10.8% | 9.2% | 6.9% | 1.3% | 5.5% | 8.8% | 12.4% |
| Working capital | ||||||||
| Receivable days | — | 51 | 68 | 69 | 67 | 72 | 68 | 75 |
| Inventory days | — | 119 | 166 | 271 | 304 | 238 | 254 | 229 |
| Payable days | — | 54 | 81 | 134 | 112 | 102 | 130 | 146 |
| NWC days | — | 116 | 153 | 205 | 259 | 209 | 193 | 158 |
| Leverage | ||||||||
| Current ratio | — | 1.42 | 1.54 | 1.13 | 1.09 | 1.27 | 1.24 | 1.46 |
| Debt to EBITDA | — | 1.8 | 2.39 | 4.3 | 5.7 | 3.02 | 2.48 | 1.56 |
| Debt to equity | — | 0.79 | 0.69 | 1.03 | 1.28 | 1.06 | 1.02 | 0.72 |
| Interest coverage | 5.9 | 5.7 | 7.3 | 6.3 | 1.5 | 2.3 | 3.9 | 6.4 |
| Asset turnover | — | 1.18 | 0.83 | 0.65 | 0.67 | 0.75 | 0.75 | 0.81 |
| Return ratios | ||||||||
| Return on assets % | — | 12.7% | 7.6% | 4.5% | 0.9% | 4.1% | 6.6% | 10% |
| Return on capital employed % | — | 26.7% | 16% | 13% | 7.8% | 16.7% | 21.9% | 27.7% |
| Return on equity % | — | 28.8% | 16.2% | 12% | 2.6% | 10.3% | 16.7% | 22.4% |
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.