Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 38.7% | 74.3% | — | 75% | 75.6% | 93.2% | 89.5% | 86.7% |
| EBITDA margin % | 17.8% | 16.8% | — | 17.2% | 17% | 19% | 12.2% | 12.5% |
| EBIT margin % | 10.6% | 9.4% | — | 11% | 11% | 13.4% | 6.2% | 6.4% |
| PAT margin % | 6.9% | 5.7% | 9.8% | 7.7% | 8.4% | 8.9% | 0.2% | 3% |
| Working capital | ||||||||
| Receivable days | 64 | 71 | 80 | 53 | 48 | 57 | 59 | 73 |
| Inventory days | 17 | 44 | — | 253 | 345 | 1,350 | 1,017 | 908 |
| Payable days | 73 | 176 | — | — | 164 | 744 | 377 | 310 |
| NWC days | 8 | -60 | — | — | 230 | 663 | 698 | 671 |
| Leverage | ||||||||
| Current ratio | 2.23 | 2.92 | 3.32 | 2.6 | 2.8 | 1.71 | 1.45 | 1.25 |
| Debt to EBITDA | 0.69 | 0.6 | — | 1.29 | 1.32 | 1.77 | 3.22 | 3.78 |
| Debt to equity | 0.07 | 0.06 | 0.05 | 0.18 | 0.19 | 0.31 | 0.43 | 0.54 |
| Interest coverage | 7.2 | 9.9 | — | 15.2 | 12.2 | 9 | 2.4 | 2.6 |
| Asset turnover | 0.49 | 0.5 | 0.43 | 0.59 | 0.63 | 0.58 | 0.64 | 0.62 |
| Return ratios | ||||||||
| Return on assets % | 3.4% | 2.9% | 4.3% | 4.5% | 5.3% | 5.2% | 0.1% | 1.9% |
| Return on capital employed % | 6.9% | 7.3% | 1% | 9.2% | 10.5% | 12.2% | 7.5% | 7.9% |
| Return on equity % | 4.1% | 3.5% | 5.1% | 6.2% | 7.3% | 8.3% | 0.2% | 3.5% |
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.