Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross margin % | — | — | — | — | — | — |
| EBITDA margin % | 55.4% | 61.7% | 62.4% | 65.6% | 59.9% | 74% |
| EBIT margin % | 45.5% | 46.4% | 51.6% | 58% | 53.1% | 65.6% |
| PAT margin % | 5.1% | -6% | 18.2% | 33.8% | 31.3% | 40.4% |
| Working capital | ||||||
| Receivable days | — | 0 | 1 | 1 | 1 | 3 |
| Inventory days | — | 574 | 425 | 313 | 230 | 458 |
| Payable days | — | 120 | 88 | 55 | 35 | 59 |
| NWC days | — | 455 | 338 | 259 | 196 | 401 |
| Leverage | ||||||
| Current ratio | — | 1.67 | 1.47 | 1.31 | 1.47 | 1.64 |
| Debt to EBITDA | — | 7.48 | 5.09 | 2.97 | 2.23 | 1.5 |
| Debt to equity | — | -7.66 | -9.51 | -16.14 | 23.42 | 4.62 |
| Interest coverage | 1.3 | 0.9 | 1.6 | 2.5 | 3.8 | 5.1 |
| Asset turnover | — | 0.17 | 0.24 | 0.34 | 0.4 | 0.34 |
| Return ratios | ||||||
| Return on assets % | — | -1% | 4.3% | 11.5% | 12.5% | 13.9% |
| Return on capital employed % | — | 10.7% | 15.7% | 24.9% | 27.3% | 28% |
| Return on equity % | — | 9.9% | -54.4% | -279.8% | 548.2% | 167.6% |
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.