Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 36.2% | 33.1% | 31.5% | ||||
| 32% |
| 29.7% |
| 33.5% |
| 32% |
| EBITDA margin % | — | -1.1% | -18.2% | 3.5% | 3.1% | 2.6% | 4.4% | 6.9% |
| EBIT margin % | — | -3.4% | -20.9% | 2% | 2% | 1.5% | 3.4% | 6% |
| PAT margin % | 8.8% | -6.8% | -15.6% | 2.1% | 2% | 1.2% | 1.9% | 4.7% |
| Working capital | ||||||||
| Receivable days | — | 198 | 152 | 52 | 49 | 73 | 76 | 73 |
| Inventory days | — | 237 | 227 | 165 | 155 | 157 | 191 | 212 |
| Payable days | — | 7 | 9 | 195 | 227 | 189 | 185 | 167 |
| NWC days | — | 427 | 370 | 22 | -23 | 41 | 82 | 119 |
| Leverage | ||||||||
| Current ratio | — | 1.45 | 1.39 | 1.3 | 1.29 | 1.36 | 1.51 | 1.59 |
| Debt to EBITDA | — | — | — | 6.45 | 7.61 | 14.46 | 7.26 | 3.5 |
| Debt to equity | — | 0.17 | 0.19 | 0.18 | 0.2 | 0.36 | 0.36 | 0.31 |
| Interest coverage | — | -0.3 | -8.7 | 2.2 | 1.8 | 1.2 | 1.9 | 3.7 |
| Asset turnover | 0.01 | 0.36 | 0.31 | 0.38 | 0.39 | 0.4 | 0.42 | 0.44 |
| Return ratios | ||||||||
| Return on assets % | 0.1% | -2.5% | -4.9% | 0.8% | 0.8% | 0.5% | 0.8% | 2.1% |
| Return on capital employed % | — | -0.5% | -9.1% | 2.2% | 2.7% | 2.6% | 3.9% | 6.8% |
| Return on equity % | 0.2% | -5.1% | -10.4% | 1.7% | 1.8% | 1.2% | 2.2% | 6.1% |
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.