Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 18.7% | 17.6% | 21.1% | 18.3% | 20.4% | ||
| 21.3% |
| 20% |
| EBITDA margin % | 6.8% | 2.4% | 3.1% | 4.2% | 4.1% | 5.2% | 6.7% |
| EBIT margin % | 3.5% | -0.8% | -0.8% | 0.8% | 0.4% | 1.3% | 2.8% |
| PAT margin % | -0.8% | -4.4% | -4.8% | -2.1% | -1.4% | -0.4% | 2.3% |
| Working capital | |||||||
| Receivable days | — | 12 | 14 | 8 | 9 | 7 | 7 |
| Inventory days | — | 169 | 228 | 184 | 204 | 223 | 203 |
| Payable days | — | 297 | 340 | 321 | 272 | 295 | 267 |
| NWC days | — | -116 | -98 | -129 | -59 | -65 | -58 |
| Leverage | |||||||
| Current ratio | — | 1.08 | 0.7 | 0.56 | 0.56 | 0.57 | 0.55 |
| Debt to EBITDA | — | 33.16 | 28.07 | 16.36 | 15.53 | 12.34 | 9.7 |
| Debt to equity | — | 2.28 | 2.13 | 0.97 | 0.86 | 0.85 | 0.93 |
| Interest coverage | 0.8 | -0.1 | -0 | 0.3 | 0.4 | 0.9 | 5.2 |
| Asset turnover | — | 0.51 | 0.43 | 0.4 | 0.38 | 0.36 | 0.38 |
| Return ratios | |||||||
| Return on assets % | — | -2.2% | -2.1% | -0.8% | -0.5% | -0.2% | 0.9% |
| Return on capital employed % | — | -0.4% | -0.2% | 0.9% | 0.7% | 1% | 2% |
| Return on equity % | — | -12.3% | -11.8% | -3% | -1.9% | -0.6% | 3.3% |
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.