Consolidated figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 40.5% | 42.6% | 47.3% | 41% | 37.2% | 37.9% | 38.5% | 41.2% |
| EBITDA margin % | 13% | 14.6% | 20.3% | 16.5% | 12% | 10.2% | 11.1% | 12.2% |
| EBIT margin % | 7.8% | 9.2% | 15.2% | 12.4% | 7.9% | 5.3% | 6.5% | 7% |
| PAT margin % | 4.6% | 5% | 9.5% | 8.4% | 3.3% | -5.2% | 1% | 2.1% |
| Working capital | ||||||||
| Receivable days | — | — | 99 | 98 | 80 | 94 | 91 | 92 |
| Inventory days | — | — | 90 | 86 | 92 | 84 | 100 | 97 |
| Payable days | — | — | 105 | 92 | 86 | 90 | 90 | 99 |
| NWC days | — | — | 83 | 92 | 87 | 88 | 101 | 89 |
| Leverage | ||||||||
| Current ratio | — | — | 1.57 | 1.64 | 1.56 | 1.46 | 1.31 | 1.21 |
| Debt to EBITDA | — | — | 2.21 | 2.1 | 3.13 | 4.91 | 4.86 | 5.27 |
| Debt to equity | — | — | 0.72 | 0.68 | 0.73 | 0.93 | 1.1 | 1.21 |
| Interest coverage | 2.8 | 3.1 | 6 | 5.4 | 2.7 | 1.6 | 1.6 | 1.5 |
| Asset turnover | — | — | 0.75 | 0.91 | 0.89 | 0.77 | 0.77 | 0.69 |
| Return ratios | ||||||||
| Return on assets % | — | — | 7.1% | 7.6% | 2.9% | -4% | 0.7% | 1.4% |
| Return on capital employed % | — | — | 15.6% | 18.2% | 11.7% | 7.2% | 9% | 8.6% |
| Return on equity % | — | — | 15.2% | 16.4% | 6.4% | -9.6% | 1.9% | 3.9% |
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.