Consolidated figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 47.3% | 52% | 45.2% | 48.4% | ||||
| 42.4% |
| 57.1% |
| 49.7% |
| 45.1% |
| EBITDA margin % | 20% | 17.7% | 12.8% | 16.7% | 10.1% | 21% | 18.5% | 14.5% |
| EBIT margin % | 16.7% | 12.4% | 6% | 11.7% | 4% | 15.4% | 13.1% | 8% |
| PAT margin % | 9% | 0.6% | -2.4% | 4.4% | -2.4% | 4% | 2.7% | 2.5% |
| Working capital | ||||||||
| Receivable days | — | — | 54 | 46 | 91 | 116 | 143 | 173 |
| Inventory days | — | — | 235 | 251 | 209 | 293 | 263 | 323 |
| Payable days | — | — | 180 | 157 | 193 | 252 | 222 | 224 |
| NWC days | — | — | 108 | 140 | 108 | 157 | 184 | 272 |
| Leverage | ||||||||
| Current ratio | — | — | 0.82 | 1.06 | 1.03 | 1.2 | 1.35 | 1.4 |
| Debt to EBITDA | — | — | 8.54 | 5.29 | 9.94 | 4.69 | 4.94 | 7.19 |
| Debt to equity | — | — | 1.88 | 1.91 | 1.86 | 1.79 | 1.25 | 1.22 |
| Interest coverage | 3.8 | 1.8 | 0.9 | 2.2 | 0.7 | 1.5 | 1.4 | 1.4 |
| Asset turnover | — | — | 0.44 | 0.56 | 0.48 | 0.49 | 0.49 | 0.43 |
| Return ratios | ||||||||
| Return on assets % | — | — | -1% | 2.5% | -1.2% | 1.9% | 1.3% | 1.1% |
| Return on capital employed % | — | — | 4.7% | 11.6% | 5.3% | 13.2% | 12.1% | 11.7% |
| Return on equity % | — | — | -4.1% | 9.6% | -4.4% | 7.2% | 3.7% | 2.9% |
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.