Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 12% | 11.3% | 12.3% | 10% | 8.1% | 10.1% | 5.7% |
| EBITDA margin % | — | 10.1% | 9.2% | 9.3% | 8.5% | 6.3% | 7% | 5.3% |
| EBIT margin % | — | 9.5% | 8.7% | 8.7% | 7.8% | 6.3% | 6.9% | 5.2% |
| PAT margin % | 3.2% | 2.2% | 2.5% | 3.3% | 3.2% | 3.2% | 6% | 4.3% |
| Working capital | ||||||||
| Receivable days | 118 | 141 | — | 156 | 130 | 125 | 107 | 95 |
| Inventory days | — | — | — | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | — | 107 | 102 | 84 | 73 | 82 |
| NWC days | — | — | — | 49 | 28 | 42 | 34 | 14 |
| Leverage | ||||||||
| Current ratio | 0.9 | 1.15 | — | 1.4 | 1.51 | 1.75 | 2.17 | 2.24 |
| Debt to EBITDA | — | 5.53 | — | 6.2 | 4.82 | 4.05 | 2.61 | 1.99 |
| Debt to equity | 2.83 | 2.41 | — | 2.07 | 1.3 | 0.84 | 0.51 | 0.29 |
| Interest coverage | 0 | 1.5 | 1.8 | 2 | 2.1 | 2.6 | 3.3 | 4 |
| Asset turnover | 0.71 | 0.86 | — | 0.85 | 0.96 | 1.11 | 1.26 | 1.33 |
| Return ratios | ||||||||
| Return on assets % | 2.3% | 1.9% | — | 2.8% | 3% | 3.5% | 7.6% | 5.7% |
| Return on capital employed % | 0.3% | 12.7% | — | 12.9% | 11.5% | 10.6% | 12.5% | 14.8% |
| Return on equity % | 12.4% | 9.7% | — | 11.7% | 10.1% | 10.4% | 16.8% | 12% |
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.