Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 45.4% | 45.5% | 42.7% | 46.4% | 48.9% | 47.3% | 46.4% |
| EBITDA margin % | 0.4% | 7.6% | 9.1% | 12.6% | 15.6% | 15.9% | 15.5% |
| EBIT margin % | -3.4% | 4.7% | 6.9% | 10% | 13.5% | 14.3% | 14% |
| PAT margin % | 1.6% | 5.5% | 5.4% | 5.9% | 8.8% | 12.6% | 12.5% |
| Working capital | |||||||
| Receivable days | 109 | 122 | 132 | 142 | 149 | 156 | 186 |
| Inventory days | 70 | 35 | 28 | 10 | 18 | 53 | 33 |
| Payable days | — | 525 | 239 | 200 | 118 | 189 | 230 |
| NWC days | — | -368 | -79 | -48 | 50 | 20 | -11 |
| Leverage | |||||||
| Current ratio | — | 1.1 | 1.65 | 1.84 | 2.27 | 2.06 | 1.83 |
| Debt to EBITDA | 63.05 | 2.85 | 1.97 | 1.26 | 1.31 | 1.57 | 2.42 |
| Debt to equity | 0.11 | 0.12 | 0.15 | 0.15 | 0.18 | 0.24 | 0.32 |
| Interest coverage | 3.2 | 7.8 | 9 | 3.4 | 4.3 | 7.8 | 8 |
| Asset turnover | 0.37 | 0.34 | 0.54 | 0.64 | 0.64 | 0.63 | 0.51 |
| Return ratios | |||||||
| Return on assets % | 0.6% | 1.9% | 3% | 3.8% | 5.7% | 8% | 6.4% |
| Return on capital employed % | 1.7% | 4.4% | 8% | 11.6% | 15.5% | 19.5% | 15.7% |
| Return on equity % | 0.7% | 3% | 4.5% | 5.5% | 7.7% | 12.3% | 10.5% |
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.