Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 7.7% | 7.6% | 7.6% | 7.7% | 7.8% | 7.6% | 6% |
| EBITDA margin % | 5.2% | 5.4% | 5.7% | 6.1% | 6.2% | 6.2% | 5.7% | 3.8% |
| EBIT margin % | 5.2% | 5.3% | 5.6% | 6% | 6% | 6.1% | 5.5% | 3.6% |
| PAT margin % | 7% | 5.2% | 6% | 6.1% | 7% | 7.2% | 6.4% | 4.3% |
| Working capital | ||||||||
| Receivable days | 23 | — | 23 | 18 | 17 | 18 | 27 | 96 |
| Inventory days | — | — | 1 | 1 | 0 | 0 | 0 | 2 |
| Payable days | — | — | 7 | 5 | 12 | 5 | 8 | 32 |
| NWC days | — | — | 17 | 14 | 5 | 13 | 20 | 66 |
| Leverage | ||||||||
| Current ratio | — | — | 3.98 | 2.07 | 2.04 | 2.13 | 2.06 | 1.91 |
| Debt to EBITDA | — | — | 6.71 | 5.57 | 5.14 | 4.43 | 4.79 | 6.27 |
| Debt to equity | — | — | 1.05 | 1.04 | 0.87 | 0.68 | 0.56 | 0.49 |
| Interest coverage | 15.4 | 24.7 | 41.3 | 3.5 | 3.8 | 4.4 | 3.9 | 3.6 |
| Asset turnover | 0.83 | — | 1.08 | 0.97 | 1.1 | 1.12 | 0.97 | 0.94 |
| Return ratios | ||||||||
| Return on assets % | 5.8% | — | 6.5% | 5.9% | 7.7% | 8% | 6.3% | 4% |
| Return on capital employed % | 6.7% | — | 10% | 15.9% | 16.5% | 17.4% | 14% | 10.2% |
| Return on equity % | 10.9% | — | 16.4% | 18.7% | 19.4% | 18% | 13.4% | 8.9% |
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.