Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 49.1% | 49.4% | 49.3% | 45.7% | 48.4% | 48.7% | 56% |
| EBITDA margin % | 18.5% | 20.5% | 18.9% | 19% | 19.9% | -3.5% | 7% |
| EBIT margin % | 7% | 10.7% | 6.3% | 14.2% | 15.7% | -7.8% | 2.3% |
| PAT margin % | -2.7% | -0.4% | -0.2% | 3.9% | 32.9% | 44.6% | 6.5% |
| Working capital | |||||||
| Receivable days | 186 | 177 | 160 | 153 | 48 | 107 | 113 |
| Inventory days | 315 | 304 | 297 | 244 | 6 | 145 | 191 |
| Payable days | 124 | 112 | 122 | 114 | 52 | 140 | 188 |
| NWC days | 377 | 369 | 335 | 283 | 2 | 112 | 116 |
| Leverage | |||||||
| Current ratio | 2.66 | 2.99 | 3.21 | 3.14 | 2.99 | 3.92 | 3.83 |
| Debt to EBITDA | 7.14 | 5.5 | 4.85 | 3.76 | 0.07 | — | 0.4 |
| Debt to equity | 1.61 | 1.67 | 1.58 | 1.26 | 0.02 | 0.03 | 0.01 |
| Interest coverage | 0.8 | 1.2 | 1.1 | 2.2 | 4.8 | 12.8 | 43.9 |
| Asset turnover | 0.42 | 0.49 | 0.58 | 0.66 | 1.1 | 0.39 | 0.38 |
| Return ratios | |||||||
| Return on assets % | -1.1% | -0.2% | -0.1% | 2.6% | 36.2% | 17.4% | 2.5% |
| Return on capital employed % | 5.7% | 7.8% | 7.3% | 14.1% | 20.5% | 3.5% | 4.7% |
| Return on equity % | -3.3% | -0.5% | -0.4% | 7% | 45.2% | 21.4% | 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.