Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 37.7% | 41.6% | 42.7% | 51.3% | 48% | 63.1% | 62.4% |
| EBITDA margin % | 10.8% | 9.6% | 12.1% | 16.3% | 14.6% | 17.9% | 19.9% |
| EBIT margin % | 8% | 7.2% | 9.5% | 12.7% | 12% | 14.4% | 16.2% |
| PAT margin % | -16.1% | -14.6% | -10.4% | -6.7% | 2.8% | 6.4% | -0.4% |
| Working capital | |||||||
| Receivable days | 104 | 105 | 102 | 136 | 77 | 135 | 165 |
| Inventory days | 72 | 67 | 56 | 80 | 42 | 16 | 0 |
| Payable days | 181 | 140 | 105 | 151 | 83 | 230 | 289 |
| NWC days | -5 | 32 | 53 | 65 | 36 | -79 | -123 |
| Leverage | |||||||
| Current ratio | 1.29 | 1.47 | 1.44 | 1.5 | 1.54 | 1.45 | 1.47 |
| Debt to EBITDA | 21.67 | 27.15 | 19.59 | 12.72 | 7.88 | 8.66 | 7.07 |
| Debt to equity | -4.17 | -3.88 | -3.83 | -3.7 | -6.79 | -6.86 | -7.69 |
| Interest coverage | 0.4 | 0.3 | 0.5 | 0.7 | 1.4 | 1.1 | 1.3 |
| Asset turnover | 0.43 | 0.41 | 0.45 | 0.47 | 0.77 | 0.53 | 0.56 |
| Return ratios | |||||||
| Return on assets % | -6.9% | -6% | -4.7% | -3.2% | 2.1% | 3.4% | -0.2% |
| Return on capital employed % | 5.3% | 4.9% | 6.7% | 9.4% | 16.2% | 12.3% | 15.9% |
| Return on equity % | 28.9% | 21.7% | 16.8% | 12% | -16.3% | -28.3% | 1.9% |
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.