Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 29.1% | 38% | 44.2% | 38.8% | ||||
| 29.8% |
| 27.3% |
| 29% |
| 32% |
| EBITDA margin % | 12.3% | 18.8% | 27% | 24% | 7.5% | -0% | 5% | -20.2% |
| EBIT margin % | 9.4% | 15.5% | 23.4% | 21.4% | 3.7% | -5.5% | 0.9% | -26.3% |
| PAT margin % | -11.3% | 13.8% | 19.4% | 20.4% | 6.9% | 1.8% | 2.1% | -36.6% |
| Working capital | ||||||||
| Receivable days | 15 | 13 | 9 | 13 | 20 | 33 | 28 | 29 |
| Inventory days | 70 | 98 | 114 | 92 | 113 | 147 | 112 | 116 |
| Payable days | 0 | 42 | 43 | 29 | 0 | 47 | 50 | 64 |
| NWC days | 85 | 69 | 80 | 76 | 133 | 133 | 90 | 81 |
| Leverage | ||||||||
| Current ratio | 1.59 | 1.75 | 2.07 | 2.09 | 5.57 | 3.19 | 3.15 | 3.18 |
| Debt to EBITDA | 2.09 | 1.83 | 0.69 | 0.78 | 11.8 | — | 16.46 | — |
| Debt to equity | 0.41 | 0.66 | 0.29 | 0.29 | 0.97 | 1.04 | 1.07 | 1.31 |
| Interest coverage | 9.1 | 10.8 | 18.8 | 54.9 | 5.6 | 1.5 | 1.3 | -0.8 |
| Asset turnover | 0.79 | 0.81 | 0.85 | 0.89 | 0.48 | 0.36 | 0.49 | 0.33 |
| Return ratios | ||||||||
| Return on assets % | -8.9% | 11.1% | 16.4% | 18.2% | 3.3% | 0.7% | 1% | -12.2% |
| Return on capital employed % | 11.3% | 17.6% | 30.3% | 33.6% | 11.9% | 3% | 5.2% | -2% |
| Return on equity % | -18.1% | 26.4% | 29.9% | 31.2% | 7.6% | 1.7% | 2.7% | -34.8% |
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.