Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 58.6% | 59.7% | 57.7% | 61.3% | 55% | 51.8% | 48.5% | 34.7% |
| EBITDA margin % | 10.9% | 11.1% | 11% | 9.5% | 8.3% | 7.9% | 8.4% | 14.2% |
| EBIT margin % | 7.9% | 6.4% | 5.4% | 4% | 3.5% | 3.7% | 4.6% | 12.2% |
| PAT margin % | 2.9% | 1.8% | 1.5% | -6.9% | 0.7% | -0.3% | -0.2% | -5.4% |
| Working capital | ||||||||
| Receivable days | 108 | 103 | 97 | 117 | 151 | 76 | 97 | 115 |
| Inventory days | 225 | 242 | 205 | 272 | 230 | 220 | 213 | 268 |
| Payable days | 138 | 183 | 115 | 138 | 185 | 165 | 135 | 149 |
| NWC days | 196 | 162 | 187 | 251 | 195 | 132 | 175 | 234 |
| Leverage | ||||||||
| Current ratio | 1.08 | 0.98 | 1.09 | 1.01 | 1 | 1.08 | 1.19 | 1.37 |
| Debt to EBITDA | 3.12 | 2.78 | 3.56 | 3.67 | 3.45 | 2.02 | 1.5 | 0.9 |
| Debt to equity | 1.44 | 1.33 | 1.43 | 1.34 | 1.25 | 0.85 | 0.36 | 0.36 |
| Interest coverage | 2.4 | 2 | 1.7 | 1.5 | 1.4 | 1.4 | 1.9 | 7.8 |
| Asset turnover | 0.85 | 0.82 | 0.83 | 0.85 | 0.86 | 1.03 | 0.93 | 0.73 |
| Return ratios | ||||||||
| Return on assets % | 2.4% | 1.5% | 1.2% | -5.8% | 0.6% | -0.3% | -0.2% | -4% |
| Return on capital employed % | 22.9% | 20.1% | 13% | 10.4% | 11.4% | 13.8% | 15.1% | 24.1% |
| Return on equity % | 12.2% | 7.9% | 5.4% | -26.2% | 3.2% | -1.4% | -0.5% | -15.1% |
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.