Consolidated figures
| Ratio | Mar 2017 | Mar 2018 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 30.6% | 22.8% | 24.3% | 19.3% | 11.4% | 20.5% | 22.6% | 23.4% |
| EBITDA margin % | 6.7% | 6.4% | 11.6% | 7.1% | -1.1% | 6.9% | 3.9% | 5.9% |
| EBIT margin % | 5.5% | 5.2% | 10.4% | 5.7% | -2.3% | 5.5% | 1.9% | 3.1% |
| PAT margin % | 1.9% | 2% | 6.1% | 3.7% | -3.1% | 2.5% | -0.6% | 0.2% |
| Working capital | ||||||||
| Receivable days | 48 | 38 | 24 | 22 | 27 | 28 | 25 | 17 |
| Inventory days | 82 | 99 | 132 | 172 | 90 | 82 | 104 | 159 |
| Payable days | 93 | — | 92 | 106 | 73 | 71 | 85 | 111 |
| NWC days | 37 | — | 64 | 88 | 44 | 40 | 44 | 65 |
| Leverage | ||||||||
| Current ratio | 1.18 | 1.11 | 1.39 | 1.32 | 1.08 | 1.19 | 1.23 | 1.26 |
| Debt to EBITDA | 1.88 | 1.83 | 1.13 | 2.47 | — | 2.12 | 3.47 | 2.61 |
| Debt to equity | 0.91 | 0.71 | 0.58 | 0.62 | 0.9 | 0.83 | 0.49 | 0.41 |
| Interest coverage | 2 | 2.1 | 5.7 | 2.3 | -0.8 | 2.5 | 0.8 | 1.5 |
| Asset turnover | 1.94 | 1.8 | 1.61 | 1.33 | 1.78 | 1.91 | 1.53 | 1.22 |
| Return ratios | ||||||||
| Return on assets % | 3.7% | 3.6% | 9.9% | 4.9% | -5.6% | 4.8% | -0.9% | 0.2% |
| Return on capital employed % | 28% | 27.9% | 43.3% | 17.1% | -7.5% | 26.4% | 7.5% | 8.7% |
| Return on equity % | 13.6% | 12.1% | 26.8% | 12.9% | -17.7% | 14.5% | -2.1% | 0.5% |
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.