Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 49.3% | 50% | 50.4% | 47% | 52.3% | 50% | 51.7% |
| EBITDA margin % | 5.3% | 4.9% | 8.4% | 11.5% | 12.2% | 10.7% | 9.6% | 8.9% |
| EBIT margin % | 3.6% | 0.9% | 4% | 8.2% | 9% | 6.9% | 6.3% | 4.8% |
| PAT margin % | 2.6% | 2.2% | 2.2% | 6.5% | 7.8% | 5.5% | 4.1% | 2.5% |
| Working capital | ||||||||
| Receivable days | 50 | 38 | 54 | 19 | 22 | 54 | 41 | 55 |
| Inventory days | 86 | 153 | 156 | 178 | 91 | 194 | 129 | 166 |
| Payable days | 0 | 0 | 52 | 48 | 26 | 59 | 45 | 66 |
| NWC days | 136 | 191 | 159 | 149 | 87 | 189 | 124 | 155 |
| Leverage | ||||||||
| Current ratio | 0.93 | 0.85 | 0.95 | 2.12 | 2.54 | 1.37 | 1.89 | 1.5 |
| Debt to EBITDA | 6.16 | 6.1 | 3.6 | 0.31 | 0.13 | 2.44 | 1.73 | 2.74 |
| Debt to equity | 1.58 | 1.81 | 1.26 | 0.09 | 0.04 | 0.48 | 0.31 | 0.45 |
| Interest coverage | 2 | 1.3 | 1.8 | 3.9 | 8.7 | 5.4 | 3.8 | 2.8 |
| Asset turnover | 1.45 | 1.48 | 1.22 | 1.48 | 1.66 | 0.87 | 1.09 | 0.92 |
| Return ratios | ||||||||
| Return on assets % | 3.8% | 3.3% | 2.7% | 9.7% | 12.9% | 4.8% | 4.5% | 2.3% |
| Return on capital employed % | 33.6% | 18.6% | 18.5% | 25.8% | 24.7% | 14.3% | 13.8% | 9.9% |
| Return on equity % | 12.6% | 13.4% | 9.1% | 16.5% | 19.5% | 10.1% | 7.6% | 4.6% |
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.