Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 96% | 30.1% | 26.8% | 22.9% | 24% | 27.2% | 24% | 25.1% |
| EBITDA margin % | — | 10.6% | 7.1% | 6.8% | 8.4% | 8% | 7.5% | 8.6% |
| EBIT margin % | — | 9.1% | 5% | 5.4% | 7.4% | 6.8% | 6.3% | 7.3% |
| PAT margin % | 9.6% | 5.7% | 5.3% | 4.1% | 5.4% | 5.4% | 3.7% | 5.4% |
| Working capital | ||||||||
| Receivable days | 157 | 187 | 229 | 195 | 147 | 195 | 138 | 138 |
| Inventory days | 1,697 | 89 | 101 | 79 | 61 | 70 | 79 | 98 |
| Payable days | 1,611 | 106 | 124 | 118 | 63 | 82 | 64 | 121 |
| NWC days | 244 | 170 | 206 | 155 | 146 | 183 | 153 | 115 |
| Leverage | ||||||||
| Current ratio | 1.4 | 1.29 | 1.27 | 1.41 | 1.62 | 1.45 | 1.6 | 1.25 |
| Debt to EBITDA | — | 3.4 | 5.75 | 5.35 | 3.55 | 4.75 | 4.71 | 4.51 |
| Debt to equity | 0.52 | 0.57 | 0.46 | 0.51 | 0.44 | 0.43 | 0.48 | 0.62 |
| Interest coverage | -0.2 | 2 | 1.2 | 1.5 | 1.9 | 1.8 | 1.7 | 2.2 |
| Asset turnover | 0.77 | 0.72 | 0.54 | 0.66 | 0.78 | 0.61 | 0.7 | 0.7 |
| Return ratios | ||||||||
| Return on assets % | 7.3% | 4.1% | 2.9% | 2.7% | 4.2% | 3.3% | 2.6% | 3.8% |
| Return on capital employed % | -0.9% | 12.8% | 5.6% | 7.3% | 9.4% | 7.4% | 7.2% | 9.5% |
| Return on equity % | 13.6% | 9.1% | 5.9% | 5.8% | 7.9% | 6.1% | 5% | 8.6% |
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.