Consolidated figures
| Ratio | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross margin % | 44.1% | 37% | 35% | 31% | 36.7% | 36.7% |
| EBITDA margin % | 25.3% | 20.3% | 9.5% | 0.7% | 5% | 4.7% |
| EBIT margin % | 21.9% | 18% | 6.6% | -3.2% | 0.5% | -0.4% |
| PAT margin % | 10.8% | 11% | 3.1% | -4% | -2.5% | -6.6% |
| Working capital | ||||||
| Receivable days | 7 | 12 | 11 | 18 | 13 | 8 |
| Inventory days | 70 | 70 | 73 | 77 | 87 | 82 |
| Payable days | 285 | 190 | 212 | 235 | 221 | 224 |
| NWC days | -208 | -108 | -128 | -141 | -121 | -133 |
| Leverage | ||||||
| Current ratio | 0.63 | 1 | 0.97 | 0.76 | 0.65 | 0.5 |
| Debt to EBITDA | 2.11 | 0.72 | 2.15 | 59.69 | 8.42 | 9.86 |
| Debt to equity | -5.79 | 0.51 | 0.54 | 0.91 | 0.89 | 1.11 |
| Interest coverage | 2 | 3.5 | 2.6 | -0.2 | 0.3 | 0.1 |
| Asset turnover | 0.85 | 1.05 | 0.85 | 0.65 | 0.67 | 0.67 |
| Return ratios | ||||||
| Return on assets % | 9.1% | 11.6% | 2.6% | -2.6% | -1.7% | -4.4% |
| Return on capital employed % | 34% | 38.3% | 11.7% | -1.3% | 1.8% | 0.4% |
| Return on equity % | -117.3% | 38% | 8.2% | -9.3% | -5.3% | -16% |
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.