Consolidated figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 97.4% | — | 53.3% | 39.7% | ||||
| 35.6% |
| 38.9% |
| 38% |
| 29.7% |
| EBITDA margin % | — | — | 17.7% | 12.3% | 8.8% | 11.1% | 13.2% | 10.9% |
| EBIT margin % | — | — | 14.3% | 9.8% | 4.2% | 6.3% | 9.3% | 8.2% |
| PAT margin % | 6.8% | 19.7% | 16.3% | 6.5% | 1.8% | 3.5% | 5% | 4.7% |
| Working capital | ||||||||
| Receivable days | 45 | 47 | 59 | 56 | 49 | 51 | 63 | 60 |
| Inventory days | 1,595 | — | 146 | 78 | 78 | 80 | 58 | 82 |
| Payable days | — | — | 114 | 130 | 121 | 118 | 84 | 59 |
| NWC days | — | — | 91 | 3 | 6 | 13 | 37 | 83 |
| Leverage | ||||||||
| Current ratio | 1.08 | 1.64 | 1.33 | 0.96 | 1.04 | 1.08 | 1.23 | 1.37 |
| Debt to EBITDA | — | — | 0.76 | 1.95 | 2.39 | 1.79 | 0.82 | 1.37 |
| Debt to equity | 0.32 | 0.16 | 0.16 | 0.4 | 0.41 | 0.31 | 0.21 | 0.35 |
| Interest coverage | -0.8 | -1.3 | 15.2 | 9.8 | 2 | 2.3 | 4 | 5.1 |
| Asset turnover | 1.15 | 1.24 | 0.76 | 0.85 | 0.96 | 0.87 | 1.13 | 1.31 |
| Return ratios | ||||||||
| Return on assets % | 7.8% | 24.5% | 12.4% | 5.6% | 1.7% | 3.1% | 5.7% | 6.1% |
| Return on capital employed % | -3.8% | -3% | 22.1% | 17% | 8.1% | 11.5% | 15.4% | 17.4% |
| Return on equity % | 16.9% | 39.9% | 18.8% | 11% | 3.5% | 5.5% | 9.5% | 11% |
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.