Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 23.1% | 27.3% | 27% | 20.2% | 22.3% | 28.4% | 31.4% | 32.4% |
| EBITDA margin % | 7.2% | 7.3% | 9.2% | 6.1% | 8.8% | 10.4% | 16.2% | 15.3% |
| EBIT margin % | 5% | 4.5% | 6.6% | 4.6% | 7% | 8.4% | 14.9% | 14.1% |
| PAT margin % | 0.6% | 0.2% | 1% | 1.2% | 3.1% | 3.6% | 10.7% | 10.9% |
| Working capital | ||||||||
| Receivable days | 161 | 218 | 205 | 164 | 168 | 173 | 85 | 129 |
| Inventory days | 108 | 153 | 147 | 103 | 92 | 108 | 117 | 133 |
| Payable days | — | — | — | — | 118 | 95 | 109 | 62 |
| NWC days | — | — | — | — | 142 | 186 | 93 | 199 |
| Leverage | ||||||||
| Current ratio | 1.31 | 1.33 | 1.44 | 1.35 | 1.4 | 1.83 | 1.74 | 1.82 |
| Debt to EBITDA | 3.93 | 5.67 | 3.84 | 4.58 | 2.71 | 1.91 | 0.86 | 1.19 |
| Debt to equity | 0.72 | 0.87 | 0.77 | 0.91 | 0.84 | 0.46 | 0.23 | 0.3 |
| Interest coverage | 1.2 | 1 | 1.3 | 1.5 | 2.2 | 2.3 | 6.6 | 8.1 |
| Asset turnover | 0.97 | 0.75 | 0.8 | 1.04 | 1.16 | 1.11 | 0.92 | 0.94 |
| Return ratios | ||||||||
| Return on assets % | 0.6% | 0.1% | 0.8% | 1.3% | 3.6% | 4% | 9.9% | 10.2% |
| Return on capital employed % | 14.5% | 12.3% | 14.2% | 15.4% | 22.9% | 20.8% | 33% | 27.5% |
| Return on equity % | 1.5% | 0.3% | 2.2% | 4% | 10.8% | 8.5% | 17.3% | 18% |
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.