Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 34.5% | 33.7% | 37.4% | 37.7% | ||||
| 35.3% |
| 37.6% |
| 41% |
| 42% |
| EBITDA margin % | 13% | 13.7% | 18.4% | 19.6% | 19% | 16.7% | 20.1% | 20.7% |
| EBIT margin % | 11.8% | 12.1% | 16.6% | 18.1% | 17.5% | 14.5% | 18% | 18.7% |
| PAT margin % | 7.4% | 8.4% | 13.1% | 13.8% | 14.3% | 13% | 16.1% | 16.8% |
| Working capital | ||||||||
| Receivable days | 110 | 128 | 117 | 100 | 98 | 92 | 91 | 83 |
| Inventory days | 170 | 134 | 166 | 179 | 143 | 126 | 138 | 149 |
| Payable days | 5 | 4 | 6 | 4 | 79 | 88 | 96 | 77 |
| NWC days | 275 | 257 | 277 | 276 | 162 | 129 | 133 | 155 |
| Leverage | ||||||||
| Current ratio | 1.97 | 2.08 | 2.13 | 2.47 | 2.99 | 3.34 | 3.13 | 3.44 |
| Debt to EBITDA | 0.07 | — | — | — | 0 | 0 | 0.03 | 0 |
| Debt to equity | 0.02 | — | — | — | 0 | 0 | 0.01 | 0 |
| Interest coverage | 74.1 | 55 | 82.5 | 94.3 | 122.4 | 99.4 | 117.1 | 96 |
| Asset turnover | 1.2 | 1.15 | 0.99 | 1.02 | 1.04 | 0.86 | 0.79 | 0.72 |
| Return ratios | ||||||||
| Return on assets % | 8.9% | 9.7% | 12.9% | 14.1% | 14.9% | 11.2% | 12.8% | 12.1% |
| Return on capital employed % | 25.1% | 25.8% | 32.1% | 32.5% | 29.8% | 20.5% | 24.9% | 23.1% |
| Return on equity % | 20.1% | 16.8% | 22.4% | 22% | 21.1% | 15.1% | 17.5% | 16% |
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.