Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 36.2% | 34.8% | 34.8% | 35.9% | 38.2% | 39.8% | 40% |
| EBITDA margin % | 12.1% | 11.8% | 11.7% | 12.7% | 14.6% | 15.4% | 15.8% |
| EBIT margin % | 8.9% | 8.6% | 8.4% | 9.7% | 12% | 13% | 13.3% |
| PAT margin % | 3.2% | 2.9% | 3.2% | 4% | 4.4% | 5.4% | 5.8% |
| Working capital | |||||||
| Receivable days | 29 | 22 | 19 | 16 | — | — | — |
| Inventory days | 42 | 46 | 44 | 40 | 59 | 33 | 26 |
| Payable days | 96 | 125 | 107 | 93 | — | — | — |
| NWC days | -25 | -57 | -44 | -37 | — | — | — |
| Leverage | |||||||
| Current ratio | 0.97 | 0.97 | 1.09 | 0.88 | — | — | — |
| Debt to EBITDA | 3.94 | 5.26 | 5.36 | 5.89 | 4.47 | 4.7 | 3.95 |
| Debt to equity | 3.86 | 4.32 | 3.16 | 7.72 | 9.24 | 6.93 | 5.59 |
| Interest coverage | 2 | 1.9 | 2.2 | 2.4 | 2.4 | 2.6 | 3 |
| Asset turnover | 0.96 | 0.87 | 0.84 | 0.85 | 0.9 | 0.83 | 0.91 |
| Return ratios | |||||||
| Return on assets % | 3% | 2.5% | 2.7% | 3.4% | 4% | 4.4% | 5.3% |
| Return on capital employed % | 18.1% | 16.5% | 15.6% | 20.6% | — | — | — |
| Return on equity % | 25.4% | 20.4% | 16.2% | 41.1% | 62.8% | 51.4% | 52.4% |
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.