Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 44.7% | 43.9% | 40.5% | |||||
Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 44.7% | 43.9% | 40.5% | |||||
| 43% |
| 41.9% |
| 43.7% |
| 42.8% |
| 41.6% |
| EBITDA margin % | 10.8% | 13.4% | 13.3% | 13.8% | 13.5% | 15% | 14.1% | 13.8% |
| EBIT margin % | 9.1% | 10.9% | 11.1% | 11.6% | 11.3% | 12.5% | 10.7% | 10.7% |
| PAT margin % | 6.3% | 4.8% | 8% | 8.2% | 9.6% | 8% | 7.3% | 7.6% |
| Working capital | ||||||||
| Receivable days | 34 | — | 24 | 25 | 21 | 22 | 18 | 21 |
| Inventory days | 147 | — | 119 | 117 | 123 | 118 | 130 | 109 |
| Payable days | 61 | — | 86 | 99 | 107 | 115 | 127 | 119 |
| NWC days | 120 | — | 57 | 43 | 37 | 24 | 21 | 10 |
| Leverage | ||||||||
| Current ratio | 3.09 | — | 2.4 | 2.49 | 2.12 | 1.2 | 1.54 | 1.57 |
| Debt to EBITDA | 1.42 | — | 0.61 | 0.28 | 0.64 | 1.29 | 0.75 | 0.76 |
| Debt to equity | 0.15 | — | 0.06 | 0.03 | 0.07 | 0.18 | 0.09 | 0.1 |
| Interest coverage | 15.6 | 14.9 | 20.5 | 21.7 | 19.7 | 16.6 | 7.1 | 17 |
| Asset turnover | 0.66 | — | 0.58 | 0.6 | 0.6 | 0.54 | 0.55 | 0.59 |
| Return ratios | ||||||||
| Return on assets % | 4.2% | — | 4.7% | 4.9% | 5.8% | 4.3% | 4% | 4.5% |
| Return on capital employed % | 8.9% | — | 8.2% | 9% | 9.3% | 10.6% | 8.6% | 8.6% |
| Return on equity % | 6.2% | — | 6.4% | 6.7% | 8.1% | 7.6% | 6.4% | 7.1% |
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.