Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 32.6% | 27.5% | 26.1% | 32.3% | 29.6% | 30% | 30.5% |
| EBITDA margin % | -0.1% | -6.3% | -4.7% | 7.7% | 6.6% | 2.9% | 6% |
| EBIT margin % | -2.2% | -9.3% | -6.2% | 6.6% | 5.7% | 2% | 5.3% |
| PAT margin % | 14.4% | -17.3% | 20.1% | 6.6% | 2.5% | 0.7% | 1.4% |
| Working capital | |||||||
| Receivable days | — | 63 | 42 | 42 | 56 | 39 | 52 |
| Inventory days | — | 73 | 70 | 59 | 45 | 44 | 48 |
| Payable days | — | 252 | 227 | 187 | 174 | 171 | 164 |
| NWC days | — | -116 | -116 | -86 | -72 | -88 | -64 |
| Leverage | |||||||
| Current ratio | — | 0.23 | 0.31 | 0.33 | 0.39 | 0.35 | 0.43 |
| Debt to EBITDA | — | — | — | 3.68 | 3.44 | 7.49 | 2.82 |
| Debt to equity | — | 5.34 | 1.87 | 1.45 | 1.54 | 1.01 | 0.76 |
| Interest coverage | 1.8 | -0.6 | 3.2 | 2.4 | 1.5 | 0.8 | 1.7 |
| Asset turnover | — | 0.44 | 0.54 | 0.77 | 0.87 | 0.9 | 0.93 |
| Return ratios | |||||||
| Return on assets % | — | -7.7% | 11% | 5.1% | 2.2% | 0.6% | 1.3% |
| Return on capital employed % | — | -13.3% | 68.8% | 32.6% | 21.2% | 9.4% | 20.1% |
| Return on equity % | — | -143.6% | 88.7% | 33.8% | 17.1% | 3.3% | 6.4% |
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.