Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 35.1% | 35.2% | 38.4% | 42.8% | ||||
| 36.1% |
| 30.3% |
| 22.1% |
| 33.4% |
| EBITDA margin % | 17.8% | 16.3% | 20.1% | 22.8% | 12.1% | -1.3% | -17.4% | -1% |
| EBIT margin % | 13.3% | 11.9% | 15.5% | 17.7% | 6.8% | -9.2% | -28.8% | -11% |
| PAT margin % | 8.3% | 9.1% | 11.7% | 13.3% | 4.1% | -10.2% | -35.3% | -18.1% |
| Working capital | ||||||||
| Receivable days | 103 | — | 123 | 148 | 90 | 135 | 141 | 202 |
| Inventory days | 121 | — | 113 | 176 | 268 | 224 | 196 | 169 |
| Payable days | — | — | 137 | 179 | 161 | 102 | 100 | 107 |
| NWC days | — | — | 100 | 145 | 197 | 256 | 237 | 263 |
| Leverage | ||||||||
| Current ratio | 1 | — | 1.03 | 1.05 | 0.95 | 1 | 0.93 | 0.89 |
| Debt to EBITDA | 2.3 | — | 1.68 | 1.81 | 4.47 | — | — | — |
| Debt to equity | 0.87 | — | 0.61 | 0.7 | 0.81 | 1.34 | 2.36 | 1.15 |
| Interest coverage | 5.5 | 5.9 | 19.8 | 14.4 | 2.7 | -1.4 | -2.8 | -1.3 |
| Asset turnover | 0.93 | — | 0.82 | 0.75 | 0.64 | 0.47 | 0.43 | 0.48 |
| Return ratios | ||||||||
| Return on assets % | 7.8% | — | 9.6% | 10% | 2.6% | -4.8% | -15.3% | -8.6% |
| Return on capital employed % | 35.3% | — | 26.4% | 34.2% | 13% | -7.1% | -19.1% | -9.3% |
| Return on equity % | 17.7% | — | 21% | 22.7% | 6.1% | -12.7% | -57.4% | -20.7% |
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.