Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 48.7% | 51.1% | 51.1% | 45.3% | 44.2% | 47.2% | 46.2% | 46.2% |
| EBITDA margin % | 16.3% | 18% | 18.4% | 14.6% | 9.3% | 14.1% | 12.3% | 8.4% |
| EBIT margin % | 9.6% | 10.9% | 12.2% | 10.1% | 3.8% | 10.1% | 8.8% | 4.2% |
| PAT margin % | 3.5% | 7.8% | 7.5% | 6.5% | 2.5% | 7% | 6.1% | 2.3% |
| Working capital | ||||||||
| Receivable days | 60 | 59 | 59 | 39 | 43 | 47 | 57 | 51 |
| Inventory days | 145 | 169 | 180 | 142 | 159 | 148 | 140 | 157 |
| Payable days | — | 2 | 111 | 67 | 70 | 67 | 72 | 99 |
| NWC days | — | 226 | 128 | 114 | 132 | 128 | 125 | 108 |
| Leverage | ||||||||
| Current ratio | 1.25 | 1.19 | 1.33 | 1.37 | 1.66 | 1.72 | 1.68 | 1.58 |
| Debt to EBITDA | 2.78 | 2.62 | 2.1 | 2.35 | 3.12 | 1.84 | 1.9 | 2.27 |
| Debt to equity | 1.09 | 1.03 | 0.78 | 0.8 | 0.57 | 0.56 | 0.51 | 0.37 |
| Interest coverage | 4.5 | 4.7 | 4.9 | 7.7 | 3.3 | 7.3 | 5 | 2.9 |
| Asset turnover | 0.84 | 0.81 | 0.85 | 0.99 | 0.94 | 1.01 | 1.02 | 0.9 |
| Return ratios | ||||||||
| Return on assets % | 2.9% | 6.3% | 6.3% | 6.4% | 2.3% | 7% | 6.2% | 2% |
| Return on capital employed % | 14.8% | 16.9% | 18.7% | 17.8% | 7.3% | 18% | 15.9% | 6.6% |
| Return on equity % | 8.3% | 17.1% | 15.1% | 15.3% | 5% | 14.9% | 13.4% | 4.3% |
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.