Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 60.5% | 72.5% | 59.9% | 53.1% | 56% | 52.7% | 52.1% |
| EBITDA margin % | 21.3% | 37.1% | 30.4% | 18.9% | 20.4% | 19.1% | 18.2% |
| EBIT margin % | 10.8% | 28.2% | 26.3% | 13.7% | 14.8% | 13.5% | 12.2% |
| PAT margin % | -1.1% | 10.9% | 13.2% | 7.5% | 11.9% | 5.7% | 6.3% |
| Working capital | |||||||
| Receivable days | 35 | 26 | 9 | 7 | 12 | 10 | 12 |
| Inventory days | 159 | 202 | 130 | 87 | 117 | 87 | 115 |
| Payable days | 140 | 137 | 93 | 69 | 78 | 89 | 126 |
| NWC days | 55 | 91 | 45 | 24 | 52 | 8 | 1 |
| Leverage | |||||||
| Current ratio | — | 1.05 | 0.99 | 1 | 1.11 | 1.06 | 1.25 |
| Debt to EBITDA | 3.91 | 1.49 | 0.83 | 1.25 | 1.56 | 1.88 | 2.28 |
| Debt to equity | 0.95 | 0.68 | 0.36 | 0.32 | 0.36 | 0.38 | 0.43 |
| Interest coverage | 1 | 3.7 | 7.1 | 5 | 5.8 | 5.3 | 4.5 |
| Asset turnover | 0.41 | 0.5 | 0.67 | 0.76 | 0.64 | 0.58 | 0.54 |
| Return ratios | |||||||
| Return on assets % | -0.4% | 5.5% | 8.8% | 5.7% | 7.6% | 3.3% | 3.4% |
| Return on capital employed % | — | 19.7% | 22.5% | 12.7% | 12.9% | 10.4% | 9.2% |
| Return on equity % | -1.2% | 13.4% | 19% | 10.3% | 13.4% | 6% | 6.6% |
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.