Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 96.4% | 97.8% | 98.7% | |||||
| 96.1% |
| 91.5% |
| 95.9% |
| 95.5% |
| 94.5% |
| EBITDA margin % | 24.3% | 26.1% | 28.5% | 25.2% | 18.5% | 16.8% | 18.2% | 19.1% |
| EBIT margin % | 15% | 16.5% | 18% | 15.8% | 13.5% | 11.7% | 13.1% | 13.6% |
| PAT margin % | 6.9% | 8.6% | 10.7% | 3.2% | 8.4% | 7% | 10.5% | 8.5% |
| Working capital | ||||||||
| Receivable days | — | — | 43 | 41 | 32 | 29 | 30 | 29 |
| Inventory days | — | — | 1,019 | 352 | 137 | 261 | 182 | 116 |
| Payable days | — | — | 2,206 | 727 | 254 | 592 | 505 | 430 |
| NWC days | — | — | -1,144 | -334 | -85 | -301 | -294 | -285 |
| Leverage | ||||||||
| Current ratio | — | — | 0.97 | 0.85 | 1.08 | 1.09 | 1.14 | 0.95 |
| Debt to EBITDA | — | — | 2.25 | 2.53 | 2.21 | 2.54 | 1.65 | 2.48 |
| Debt to equity | — | — | 0.76 | 0.92 | 0.95 | 0.96 | 0.5 | 0.72 |
| Interest coverage | 2.4 | 2.5 | 3 | 4 | 4.7 | 3.7 | 4.1 | 4.5 |
| Asset turnover | — | — | 0.52 | 0.57 | 0.86 | 0.81 | 0.8 | 0.64 |
| Return ratios | ||||||||
| Return on assets % | — | — | 5.5% | 1.8% | 7.2% | 5.7% | 8.4% | 5.5% |
| Return on capital employed % | — | — | 12.4% | 13.3% | 18.4% | 14.5% | 15.8% | 13.2% |
| Return on equity % | — | — | 12.7% | 4.6% | 19.7% | 15.7% | 17.4% | 12.9% |
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.