Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 21.1% | 20.7% | 20.6% | ||||
| 18.7% |
| 19.7% |
| 17.9% |
| 19.2% |
| EBITDA margin % | 11.2% | 9.8% | 9.6% | 9.6% | 9.1% | 10.1% | 7.8% | 7.5% |
| EBIT margin % | 10.5% | 8.9% | 8.6% | 8.6% | 8.3% | 9.3% | 6.4% | 5.8% |
| PAT margin % | 5.1% | 4.3% | 5% | 4.4% | 4% | 4.4% | 1.3% | 1.2% |
| Working capital | ||||||||
| Receivable days | — | 148 | 147 | 149 | 120 | 98 | 117 | 157 |
| Inventory days | — | 82 | 93 | 97 | 117 | 128 | 104 | 151 |
| Payable days | — | 19 | 24 | 33 | 32 | 39 | 39 | 58 |
| NWC days | — | 212 | 215 | 214 | 205 | 187 | 182 | 249 |
| Leverage | ||||||||
| Current ratio | — | — | 1.63 | 1.48 | 1.52 | 1.35 | 1.42 | 1.16 |
| Debt to EBITDA | — | 3.17 | 3.48 | 3.61 | 2.96 | 2.85 | 2.81 | 3.69 |
| Debt to equity | — | 0.79 | 0.78 | 0.88 | 0.68 | 0.77 | 0.4 | 0.5 |
| Interest coverage | 4.3 | 2.4 | 3.5 | 2.9 | 2.7 | 2.6 | 1.9 | 1.7 |
| Asset turnover | — | 1.16 | 1.08 | 1.05 | 1.1 | 1.05 | 0.84 | 0.7 |
| Return ratios | ||||||||
| Return on assets % | — | 4.9% | 5.4% | 4.6% | 4.4% | 4.6% | 1.1% | 0.8% |
| Return on capital employed % | — | — | 20.8% | 20.4% | 22% | 24.3% | 15.1% | 11.2% |
| Return on equity % | — | 10.8% | 11.8% | 11.2% | 10% | 11.8% | 2.4% | 2.1% |
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.