Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 27.2% | 28% | 24.2% | 24.9% | ||||
| 25.2% |
| 22.8% |
| 21.5% |
| 19.7% |
| EBITDA margin % | 10.1% | 11.7% | 8% | 11.6% | 12% | 10.4% | 9.4% | 9.5% |
| EBIT margin % | 9.2% | 10.1% | 6.2% | 10.2% | 10.9% | 9.2% | 8.3% | 8.6% |
| PAT margin % | 7% | 7.1% | 4.5% | 7.6% | 8.1% | 6.8% | 5.5% | 5.8% |
| Working capital | ||||||||
| Receivable days | 8 | 5 | 6 | 7 | 6 | 7 | 6 | 4 |
| Inventory days | 178 | 195 | 187 | 230 | 199 | 176 | 217 | 222 |
| Payable days | 0 | 2 | 18 | 22 | 78 | 62 | 15 | 98 |
| NWC days | 186 | 199 | 176 | 215 | 127 | 121 | 208 | 127 |
| Leverage | ||||||||
| Current ratio | 1.76 | 1.8 | 1.73 | 1.66 | 1.69 | 1.55 | 1.34 | 1.28 |
| Debt to EBITDA | 0.02 | 0.29 | 2.54 | 1.77 | 0.45 | 1.48 | 1.81 | 1.36 |
| Debt to equity | 0.01 | 0.11 | 0.58 | 0.64 | 0.19 | 0.83 | 0.88 | 0.72 |
| Interest coverage | 38.3 | 13.7 | 7.6 | 14.6 | 15.8 | 8.5 | 5.8 | 6.8 |
| Asset turnover | 1.69 | 1.55 | 1.32 | 1.36 | 1.5 | 1.62 | 1.49 | 1.45 |
| Return ratios | ||||||||
| Return on assets % | 11.9% | 11% | 6% | 10.4% | 12.1% | 11.1% | 8.2% | 8.4% |
| Return on capital employed % | 35.1% | 32.1% | 18.4% | 32.7% | 38.8% | 36.4% | 36.7% | 45.4% |
| Return on equity % | 22.9% | 22.4% | 13.1% | 23.6% | 27.6% | 37.2% | 28.7% | 32.3% |
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.