Consolidated figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 49.3% | 47.9% | 45.6% | |||||
| 43.7% |
| 42.2% |
| 43% |
| 37.7% |
| 33.7% |
| EBITDA margin % | 10.2% | 6.6% | 5.5% | 6.2% | 9.1% | 9.1% | 7.5% | 7.4% |
| EBIT margin % | 5.2% | 0.7% | -0.4% | 1.4% | 5.1% | 5.2% | 3.7% | 3.9% |
| PAT margin % | 6.4% | -0.5% | -3% | 1.3% | 2.5% | 4.2% | 5.1% | 2.3% |
| Working capital | ||||||||
| Receivable days | 71 | 61 | — | 78 | 67 | 62 | 77 | 66 |
| Inventory days | 76 | 96 | — | 97 | 79 | 76 | 74 | 60 |
| Payable days | 122 | 107 | — | 121 | 87 | 77 | 102 | 77 |
| NWC days | 25 | 50 | — | 54 | 58 | 62 | 49 | 49 |
| Leverage | ||||||||
| Current ratio | 1.03 | 0.96 | — | 1.03 | 1.09 | 1.09 | 0.92 | 0.88 |
| Debt to EBITDA | 1.9 | 3.76 | — | 4.69 | 2.67 | 2.56 | 3.03 | 2.02 |
| Debt to equity | 0.57 | 0.65 | — | 1 | 1.06 | 0.91 | 0.9 | 0.76 |
| Interest coverage | 3.1 | 0.9 | 0.3 | 2.2 | 4.2 | 2.8 | 2.1 | 3.3 |
| Asset turnover | 1.12 | 0.99 | — | 1.08 | 1.35 | 1.33 | 1.22 | 1.53 |
| Return ratios | ||||||||
| Return on assets % | 7.1% | -0.5% | — | 1.4% | 3.4% | 5.7% | 6.2% | 3.6% |
| Return on capital employed % | 12% | 3.3% | — | 5.3% | 14.5% | 13.3% | 10.9% | 14.8% |
| Return on equity % | 18.5% | -1.3% | — | 4.5% | 10.8% | 16.5% | 20% | 11.9% |
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.