Consolidated figures
| Ratio | Mar 2016 | Mar 2017 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 27.7% | 42.4% | 42.1% | 43.9% | ||||
| 37.2% |
| 39.7% |
| 34.6% |
| 29.1% |
| EBITDA margin % | -12.6% | 3.6% | 10.1% | 17% | 13.5% | 12.2% | 7.1% | 2.3% |
| EBIT margin % | -13.9% | 2.4% | 9.4% | 16.3% | 12.9% | 11.7% | 6.6% | 1.4% |
| PAT margin % | -26.3% | -10.7% | 35.2% | 10.8% | 8% | 9.9% | 2.9% | 1% |
| Working capital | ||||||||
| Receivable days | 2 | 2 | — | — | — | 28 | 11 | 26 |
| Inventory days | 113 | 151 | — | — | — | 96 | 126 | 120 |
| Payable days | 167 | 109 | — | — | — | 37 | 53 | 59 |
| NWC days | -51 | 44 | — | — | — | 87 | 84 | 86 |
| Leverage | ||||||||
| Current ratio | — | — | — | — | — | 1.08 | 1.05 | 1.02 |
| Debt to EBITDA | — | 36.95 | — | — | — | 2.4 | 4.94 | 18.67 |
| Debt to equity | -1.41 | -1.62 | — | — | — | 1.42 | 1.29 | 1.29 |
| Interest coverage | -0.8 | 0.2 | 1 | 2.4 | 2.8 | 3.5 | 2.2 | 1.1 |
| Asset turnover | 1.04 | 1.19 | — | — | — | 1.14 | 0.87 | 0.68 |
| Return ratios | ||||||||
| Return on assets % | -27.2% | -12.6% | — | — | — | 11.3% | 2.5% | 0.7% |
| Return on capital employed % | — | — | — | — | — | 57% | 34.7% | 17.5% |
| Return on equity % | 35% | 13.2% | — | — | — | 48.1% | 10.6% | 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.