Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 66.4% | 69.8% | 67% | 67.3% | 67.6% | 71.4% | 69.2% | 64.8% |
| EBITDA margin % | 2.5% | 7.4% | 7.5% | 5.1% | 4.4% | 6.9% | 8.9% | 9% |
| EBIT margin % | 1.7% | 5.4% | 5.5% | 3.3% | 2.7% | 5.1% | 7% | 7.2% |
| PAT margin % | -4.3% | 0.8% | 1.7% | 1.4% | 0.4% | 2.2% | 3.4% | 3.4% |
| Working capital | ||||||||
| Receivable days | 170 | 26 | 19 | 25 | 24 | 22 | 35 | 67 |
| Inventory days | 88 | 33 | 35 | 47 | 65 | 50 | 42 | 53 |
| Payable days | — | — | — | — | 208 | 142 | 110 | 129 |
| NWC days | — | — | — | — | -119 | -69 | -34 | -10 |
| Leverage | ||||||||
| Current ratio | 1.14 | 0.78 | 0.92 | 0.94 | 1.02 | 1.17 | 1.56 | 1.83 |
| Debt to EBITDA | 17.04 | 0.7 | 0.39 | 1 | 1.26 | 0.92 | 1.23 | 1.45 |
| Debt to equity | 42.5 | -1.46 | 0.66 | 1.05 | 1.19 | 0.83 | 0.86 | 0.64 |
| Interest coverage | 0.9 | 2.3 | 2.7 | 2.5 | 1.7 | 2.4 | 2.9 | 2.9 |
| Asset turnover | 0.76 | 2.17 | 2.03 | 2.02 | 2.09 | 2.26 | 1.94 | 1.47 |
| Return ratios | ||||||||
| Return on assets % | -3.2% | 1.8% | 3.4% | 2.7% | 0.8% | 5% | 6.7% | 5.1% |
| Return on capital employed % | 8.4% | 55.2% | 56.9% | 26.8% | 22.8% | 30.9% | 28.7% | 21.7% |
| Return on equity % | -421.9% | -23.3% | 37.8% | 27.9% | 8% | 28.6% | 27% | 16.9% |
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.