Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 82% | 76.2% | 70.4% | 79% | 70% | ||
| 70.2% |
| 66.9% |
| EBITDA margin % | 26.9% | 12.9% | 20.9% | 33.3% | 16.5% | 13.1% | 8.8% |
| EBIT margin % | 14.6% | 1.7% | 12.7% | 26.4% | 9.6% | 2.2% | -0.4% |
| PAT margin % | 12.4% | -4.5% | 10.6% | 19.5% | 8% | -2.1% | -1.1% |
| Working capital | |||||||
| Receivable days | 17 | 31 | 29 | 24 | 24 | 23 | 28 |
| Inventory days | — | 79 | 54 | 89 | 60 | 100 | 92 |
| Payable days | 1 | 154 | 92 | 145 | 101 | 118 | 111 |
| NWC days | — | -45 | -9 | -32 | -18 | 4 | 9 |
| Leverage | |||||||
| Current ratio | 1.04 | 1.83 | 1.82 | 2.6 | 1.04 | 1.33 | 0.8 |
| Debt to EBITDA | 0.77 | 1.32 | 0.12 | 0 | 0.34 | 1.89 | 4.52 |
| Debt to equity | 0.15 | 0.12 | 0.02 | 0 | 0.05 | 0.22 | 0.33 |
| Interest coverage | 10.5 | 1.8 | 39.7 | 387.8 | 42.6 | 2.9 | 1 |
| Asset turnover | 0.59 | 0.54 | 0.77 | 0.8 | 0.65 | 0.64 | 0.54 |
| Return ratios | |||||||
| Return on assets % | 7.3% | -2.4% | 8.2% | 15.7% | 5.3% | -1.3% | -0.6% |
| Return on capital employed % | 11% | 1.5% | 13.5% | 27.9% | 10.4% | 3.4% | 1.6% |
| Return on equity % | 9.2% | -3% | 9.6% | 17.9% | 6.8% | -1.8% | -0.9% |
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.