Consolidated figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 30.3% | 34.4% | 33% | 26.9% | 25.7% | 30.2% | 36.5% | 38.8% |
| EBITDA margin % | 9% | 11.7% | 12% | 7.3% | 5% | 9% | 11.9% | 13.3% |
| EBIT margin % | 4% | 9.3% | 8.7% | 3.3% | 1.9% | 7% | 9.4% | 11.2% |
| PAT margin % | 2% | 6.6% | 9.8% | 6.8% | 2% | 6.6% | 13.6% | 9.7% |
| Working capital | ||||||||
| Receivable days | 63 | — | 38 | 46 | 43 | 38 | 46 | 37 |
| Inventory days | 104 | — | 103 | 78 | 286 | 70 | 173 | 166 |
| Payable days | 0 | — | 61 | 75 | 130 | 68 | 133 | 118 |
| NWC days | 168 | — | 80 | 48 | 199 | 40 | 87 | 85 |
| Leverage | ||||||||
| Current ratio | 1.49 | — | 1.97 | 1.46 | 1.18 | 1.53 | 1.33 | 1.33 |
| Debt to EBITDA | 1.88 | — | 1.24 | 4.29 | 6.84 | 1.22 | 0.55 | 0.97 |
| Debt to equity | 0.45 | — | 0.24 | 0.46 | 0.7 | 0.34 | 0.12 | 0.24 |
| Interest coverage | 2.3 | 7.2 | 11.8 | 7.5 | 2.1 | 4.8 | 4.7 | 9.5 |
| Asset turnover | 0.99 | — | 0.84 | 0.71 | 0.64 | 1.46 | 0.92 | 0.82 |
| Return ratios | ||||||||
| Return on assets % | 2% | — | 8.2% | 4.8% | 1.3% | 9.6% | 12.5% | 7.9% |
| Return on capital employed % | 8.8% | — | 14.4% | 13.1% | 7.5% | 19.4% | 18% | 19.2% |
| Return on equity % | 5.4% | — | 15.4% | 10% | 4.2% | 20.2% | 25.5% | 17.7% |
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.