Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 96.7% | 98.5% | 98.3% | 97.9% | 96.5% | 97.1% | 97.8% | 98.3% |
| EBITDA margin % | 7.9% | -2.1% | -5.6% | 9.9% | 8.8% | 7.6% | 6.2% | 8.8% |
| EBIT margin % | 5.1% | -6.7% | -10.1% | 6% | 5% | 3.2% | 0.6% | 1.2% |
| PAT margin % | 5.9% | -17.2% | -6.4% | 6.7% | 7.7% | 5% | -3.2% | -4.8% |
| Working capital | ||||||||
| Receivable days | 140 | 112 | 104 | 88 | 87 | 74 | 113 | 53 |
| Inventory days | 323 | 1,138 | 1,657 | 1,175 | 434 | 504 | 634 | 451 |
| Payable days | 1,584 | 3,192 | 2,838 | 2,360 | 1,443 | 1,331 | 3,112 | 3,063 |
| NWC days | -1,121 | -1,942 | -1,077 | -1,097 | -921 | -753 | -2,364 | -2,559 |
| Leverage | ||||||||
| Current ratio | 1.98 | 1.98 | 2.05 | 2.58 | 2.25 | 2.49 | 2.09 | 1.08 |
| Debt to EBITDA | 1.95 | — | — | 0.83 | 0.41 | 0.88 | 10.85 | 4.85 |
| Debt to equity | 0.16 | 0.15 | 0.17 | 0.06 | 0.04 | 0.08 | 0.89 | 0.92 |
| Interest coverage | 4.9 | -0.6 | -1.6 | 6 | 13.1 | 9.8 | 1.5 | 0.6 |
| Asset turnover | 0.69 | 0.73 | 0.52 | 0.6 | 0.78 | 0.82 | 0.4 | 0.61 |
| Return ratios | ||||||||
| Return on assets % | 4% | -12.6% | -3.4% | 4% | 6% | 4.1% | -1.3% | -2.9% |
| Return on capital employed % | 8.6% | -1.6% | -3.3% | 7.9% | 7.4% | 8.3% | 2.6% | 4.8% |
| Return on equity % | 5.9% | -18.7% | -4.8% | 5.3% | 8.2% | 5.6% | -4.2% | -10.3% |
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.