Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 44.9% | 41.5% | 44.1% | 48.2% | 52.2% | ||
| 53.5% |
| 54.4% |
| EBITDA margin % | 6% | -0.3% | 5.9% | 10.2% | 12% | 13% | 13.4% |
| EBIT margin % | -5.3% | -14.1% | -1.7% | 4.8% | 6.6% | 7.5% | 7.9% |
| PAT margin % | -10.3% | -27.1% | -7.8% | 2% | 3.2% | 0.7% | 3.5% |
| Working capital | |||||||
| Receivable days | 74 | 104 | 68 | 46 | 55 | 58 | 52 |
| Inventory days | 224 | 230 | 177 | 156 | 163 | 183 | 211 |
| Payable days | 227 | 260 | 224 | 162 | 168 | 199 | 211 |
| NWC days | 70 | 73 | 22 | 40 | 51 | 42 | 52 |
| Leverage | |||||||
| Current ratio | 0.95 | 0.97 | 1.16 | 1.2 | 1.3 | 1.3 | 1.27 |
| Debt to EBITDA | 5.24 | — | 2.56 | 1.32 | 0.91 | 0.65 | 0.75 |
| Debt to equity | 2.03 | 1.73 | 0.61 | 0.66 | 0.46 | 0.41 | 0.56 |
| Interest coverage | -0.5 | -0.8 | 0.1 | 1.9 | 2.2 | 2.4 | 2.7 |
| Asset turnover | 0.87 | 0.59 | 0.94 | 1.2 | 1.18 | 1.21 | 1.25 |
| Return ratios | |||||||
| Return on assets % | -9% | -16.1% | -7.2% | 2.4% | 3.8% | 0.9% | 4.4% |
| Return on capital employed % | -8.2% | -10.5% | 0.9% | 16.2% | 17% | 19.7% | 23% |
| Return on equity % | -66.9% | -114.2% | -31.5% | 9.6% | 13.7% | 3.4% | 19.5% |
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.