Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 77.6% | 78.1% | 76.3% | 74.6% | ||||
| 75% |
| 75.1% |
| 73.9% |
| 72.8% |
| EBITDA margin % | 12.6% | 15.7% | 12.5% | 17% | 17.6% | 17.2% | 17.4% | 18.3% |
| EBIT margin % | 3.8% | 2.2% | -3.2% | 5.7% | 8% | 8.1% | 7.9% | 8.7% |
| PAT margin % | -3.2% | -11.5% | -21.8% | 2.8% | 1% | 2.2% | 2.2% | 0.9% |
| Working capital | ||||||||
| Receivable days | 59 | 62 | 67 | 57 | 65 | 56 | 66 | 60 |
| Inventory days | 45 | 35 | 32 | 31 | 33 | 33 | 33 | 32 |
| Payable days | 255 | 234 | 221 | 199 | 214 | 216 | 210 | 185 |
| NWC days | -152 | -136 | -122 | -112 | -116 | -127 | -111 | -93 |
| Leverage | ||||||||
| Current ratio | 0.5 | 0.53 | 0.93 | 1.07 | 1.02 | 0.91 | 0.81 | 1.09 |
| Debt to EBITDA | 4.63 | 3.62 | 3.73 | 1.71 | 1.34 | 2.04 | 2.59 | 1.95 |
| Debt to equity | 1.19 | 1.63 | 0.68 | 0.47 | 0.46 | 0.81 | 1.09 | 0.68 |
| Interest coverage | 0.7 | 0.2 | -0.1 | 0.9 | 1.4 | 1.6 | 1.4 | 1.4 |
| Asset turnover | 0.59 | 0.49 | 0.5 | 0.63 | 0.73 | 0.71 | 0.63 | 0.65 |
| Return ratios | ||||||||
| Return on assets % | -1.9% | -5.6% | -10.9% | 1.8% | 0.8% | 1.5% | 1.4% | 0.6% |
| Return on capital employed % | 4.3% | 2.2% | -1% | 5.6% | 8.5% | 9.3% | 9.4% | 9.1% |
| Return on equity % | -6.5% | -32.9% | -31.7% | 4.5% | 2% | 5% | 5.3% | 1.7% |
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.