Consolidated figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 31% | 27.8% | 29% | 31% | ||||
| 31.5% |
| 32.2% |
| 28.5% |
| 30.6% |
| EBITDA margin % | 6.6% | 8.4% | 11% | 13.5% | 14.6% | 14.2% | 9.4% | 6.3% |
| EBIT margin % | 1.6% | 4.9% | 7.7% | 11% | 12.3% | 11.8% | 7.3% | 3.9% |
| PAT margin % | 3.3% | 0.1% | 2.2% | 9.5% | 8.9% | 9.4% | 7.1% | 3.9% |
| Working capital | ||||||||
| Receivable days | 66 | — | — | 51 | 36 | 43 | 53 | 50 |
| Inventory days | 52 | — | — | 51 | 49 | 53 | 57 | 76 |
| Payable days | 81 | — | — | 65 | 0 | 57 | 68 | 46 |
| NWC days | 36 | — | — | 38 | 86 | 39 | 42 | 80 |
| Leverage | ||||||||
| Current ratio | 0.84 | — | — | 1.48 | 1.55 | 5.56 | 3.36 | 4.12 |
| Debt to EBITDA | 9.32 | — | — | 1.37 | 0.48 | 0.56 | 4.72 | 9.13 |
| Debt to equity | 2.84 | — | — | 0.51 | 0.15 | 0.07 | 0.39 | 0.38 |
| Interest coverage | 0.5 | 1 | 1.8 | 4.1 | 8.9 | 13.4 | 9.8 | 5 |
| Asset turnover | 0.9 | — | — | 1.41 | 1.5 | 0.69 | 0.54 | 0.41 |
| Return ratios | ||||||||
| Return on assets % | 3% | — | — | 13.4% | 13.3% | 6.5% | 3.8% | 1.6% |
| Return on capital employed % | 4.6% | — | — | 22.3% | 27% | 15.7% | 8% | 3.9% |
| Return on equity % | 15.3% | — | — | 26.1% | 19.4% | 7.8% | 6.2% | 2.6% |
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.