Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 41.6% | 43.5% | 45.2% | 44.9% | ||||
| 45.3% |
| 40.8% |
| 39.8% |
| 40% |
| EBITDA margin % | 8.5% | 9% | 9% | 12.6% | 11.1% | 8.2% | 8.6% | 9.9% |
| EBIT margin % | 4.2% | 4.5% | 3.1% | 9.7% | 8.2% | 4.5% | 4.6% | 7% |
| PAT margin % | 0.7% | 0.7% | 0.3% | 5.8% | 5% | 1.6% | 1.1% | 2.6% |
| Working capital | ||||||||
| Receivable days | 68 | 59 | 75 | 56 | 47 | 62 | 66 | 72 |
| Inventory days | 120 | 135 | 184 | 143 | 126 | 157 | 122 | 110 |
| Payable days | — | 3 | 3 | 3 | 3 | 100 | 128 | 131 |
| NWC days | — | 191 | 256 | 197 | 171 | 119 | 60 | 51 |
| Leverage | ||||||||
| Current ratio | 1.24 | 1.27 | 1.32 | 1.2 | 1.2 | 1.27 | 1.2 | 1.11 |
| Debt to EBITDA | 4.02 | 3.72 | 4.83 | 1.97 | 2.73 | 4.94 | 4.64 | 3.98 |
| Debt to equity | 1.23 | 1.14 | 1.07 | 0.88 | 0.96 | 1.08 | 1.13 | 1.19 |
| Interest coverage | 1.3 | 1.3 | 1 | 5.1 | 4.5 | 1.8 | 1.5 | 2 |
| Asset turnover | 1.22 | 1.24 | 0.96 | 1.34 | 1.26 | 0.96 | 0.97 | 0.98 |
| Return ratios | ||||||||
| Return on assets % | 0.9% | 0.9% | 0.3% | 7.7% | 6.2% | 1.5% | 1.1% | 2.5% |
| Return on capital employed % | 10.3% | 10.7% | 6.3% | 28% | 21.8% | 9% | 8.4% | 12.7% |
| Return on equity % | 2.5% | 2.5% | 0.8% | 20.4% | 15.6% | 4.1% | 3.2% | 7.7% |
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.