Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 32.9% | 36.1% | 34.9% | 32.9% | 36% | 49.2% | 37.8% | 36.2% |
| EBITDA margin % | — | 10% | 9.1% | 9.8% | 9.7% | 9.7% | 9.8% | 10.3% |
| EBIT margin % | — | 7.3% | 6.2% | 7% | 7.4% | 8.1% | 8.4% | 8.9% |
| PAT margin % | 1.7% | 3% | 1.4% | 1.5% | 1.8% | 2.5% | 3.2% | 3.8% |
| Working capital | ||||||||
| Receivable days | 96 | 115 | 109 | 93 | 66 | 85 | 55 | 98 |
| Inventory days | 156 | 202 | 213 | 251 | 263 | 263 | 152 | 109 |
| Payable days | 102 | — | 233 | 200 | 169 | 267 | 155 | 176 |
| NWC days | 150 | — | 89 | 144 | 160 | 81 | 52 | 30 |
| Leverage | ||||||||
| Current ratio | — | — | 1.35 | 1.28 | 1.32 | 1.32 | 1.26 | 1.3 |
| Debt to EBITDA | — | 3.01 | 3.05 | 3.38 | 2.51 | 1.81 | 1.55 | 1.61 |
| Debt to equity | 0.72 | 0.6 | 0.62 | 0.77 | 0.63 | 0.64 | 0.59 | 0.62 |
| Interest coverage | -0.4 | 1.2 | 1.4 | 1.3 | 1.5 | 1.8 | 1.9 | 2.3 |
| Asset turnover | 1.13 | 0.81 | 0.82 | 0.82 | 0.89 | 1.04 | 1.36 | 1.22 |
| Return ratios | ||||||||
| Return on assets % | 1.9% | 2.4% | 1.1% | 1.2% | 1.6% | 2.6% | 4.4% | 4.7% |
| Return on capital employed % | — | 7.7% | 8.7% | 12.2% | 14.3% | 22% | 27.5% | 26.5% |
| Return on equity % | 4.7% | 5.9% | 3% | 3.4% | 4.6% | 9.1% | 12.5% | 14.3% |
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.