Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 17.5% | 20.1% | 23.5% | 22.6% | 24.9% | 47.7% | 47.5% | 46.1% |
| EBITDA margin % | 4.9% | 5.3% | 6.3% | 5.4% | 6.4% | 11.8% | 14.6% | 13.9% |
| EBIT margin % | 3.9% | 4.2% | 5% | 3.6% | 4.7% | 8.6% | 10.3% | 7.8% |
| PAT margin % | 1.3% | 2.4% | 2.7% | 1.1% | 1.8% | 3.5% | 8.2% | 9.9% |
| Working capital | ||||||||
| Receivable days | 129 | 111 | 111 | 72 | 33 | 37 | 36 | 46 |
| Inventory days | 29 | 27 | 21 | 46 | 25 | 69 | 73 | 126 |
| Payable days | 0 | 124 | 142 | 120 | 101 | 179 | 148 | 137 |
| NWC days | 159 | 13 | -10 | -2 | -43 | -73 | -39 | 35 |
| Leverage | ||||||||
| Current ratio | — | — | 0.93 | 0.71 | 0.83 | 0.83 | 0.86 | 1.03 |
| Debt to EBITDA | 5.05 | 5.1 | 6.41 | 11.05 | 4.34 | 4.41 | 5.35 | 8.13 |
| Debt to equity | 0.67 | 0.69 | 0.94 | 1.84 | 1.16 | 1.28 | 1.52 | 1.41 |
| Interest coverage | 1.3 | 1.6 | 2 | 1.4 | 1.9 | 2.2 | 2.1 | 1.7 |
| Asset turnover | 0.95 | 0.93 | 0.77 | 0.68 | 0.97 | 0.6 | 0.49 | 0.38 |
| Return ratios | ||||||||
| Return on assets % | 1.2% | 2.2% | 2% | 0.8% | 1.7% | 2.1% | 4% | 3.8% |
| Return on capital employed % | — | — | 9% | 7.9% | 9.8% | 9.6% | 9.4% | 5.8% |
| Return on equity % | 3.4% | 6.1% | 6.1% | 3.5% | 7.3% | 8.5% | 15.9% | 12.3% |
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.