Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 24.4% | 25.4% | 25.2% | 17.9% | 14.9% | 15.2% | 16.4% |
| EBITDA margin % | 16.2% | 13.8% | 13.9% | 12.1% | 9.7% | 7.2% | 6.4% | 6.2% |
| EBIT margin % | 15.2% | 12.7% | 12.4% | 10.4% | 9.1% | 6.6% | 5.8% | 5.6% |
| PAT margin % | 13.2% | 12.6% | 18% | 14.6% | 6.4% | 6.9% | 5% | 6.1% |
| Working capital | ||||||||
| Receivable days | 214 | 222 | 280 | 195 | 129 | 83 | 153 | 212 |
| Inventory days | 167 | 250 | 244 | 280 | 147 | 125 | 137 | 159 |
| Payable days | — | — | 174 | 129 | 137 | 82 | 128 | 142 |
| NWC days | — | — | 350 | 347 | 140 | 125 | 162 | 229 |
| Leverage | ||||||||
| Current ratio | 1.49 | 1.56 | 1.64 | 1.93 | 1.71 | 1.68 | 1.49 | 1.43 |
| Debt to EBITDA | 2.36 | 3.2 | 3.46 | 3.52 | 2.36 | 1.62 | 4.47 | 6.44 |
| Debt to equity | 0.33 | 0.34 | 0.25 | 0.17 | 0.19 | 0.12 | 0.28 | 0.34 |
| Interest coverage | 4.7 | 2.7 | 3.1 | 3 | 3.8 | 3.3 | 2.5 | 1.4 |
| Asset turnover | 0.49 | 0.4 | 0.3 | 0.26 | 0.48 | 0.6 | 0.52 | 0.43 |
| Return ratios | ||||||||
| Return on assets % | 6.4% | 5% | 5.4% | 3.8% | 3.1% | 4.2% | 2.6% | 2.6% |
| Return on capital employed % | 14.2% | 8.6% | 6.8% | 4.3% | 6.4% | 6.1% | 4.9% | 4.1% |
| Return on equity % | 11.5% | 9.8% | 9.4% | 6% | 5.4% | 7.1% | 5% | 5.2% |
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.