Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 93.6% | 93.9% | 37.8% | 40.4% | 40.5% | — | 36.7% |
| EBITDA margin % | 63.3% | 26.7% | 31% | 24.3% | 33.4% | 33.1% | 29.8% | 24.4% |
| EBIT margin % | 61.1% | 24.3% | 28.4% | 23.3% | 33% | 32.6% | 29.4% | 24.1% |
| PAT margin % | 29.1% | 10.3% | 7.8% | 12.7% | 17.3% | 24% | 28% | 41.6% |
| Working capital | ||||||||
| Receivable days | 24 | 33 | 89 | 45 | 22 | 49 | 60 | 42 |
| Inventory days | 6,195 | 12,215 | 14,683 | 1,049 | 443 | 540 | 588 | 973 |
| Payable days | 1,746 | 3,492 | 1,510 | 87 | 51 | 43 | 49 | 64 |
| NWC days | 4,474 | 8,756 | 13,262 | 1,007 | 414 | 546 | 599 | 952 |
| Leverage | ||||||||
| Current ratio | 1.56 | 1.3 | 2.48 | 1.77 | 2.05 | 2.02 | 2.15 | 4.87 |
| Debt to EBITDA | 7.91 | 8.06 | 11.6 | 14.61 | 3.63 | 3.27 | 3.24 | 0.82 |
| Debt to equity | 0.66 | 0.87 | 1.2 | 1.66 | 1.11 | 0.76 | 0.47 | 0.04 |
| Interest coverage | 2.4 | 1.6 | 1.7 | 1.5 | 2.3 | 3 | 4.5 | 20.5 |
| Asset turnover | 0.05 | 0.15 | 0.12 | 0.14 | 0.33 | 0.31 | 0.28 | 0.18 |
| Return ratios | ||||||||
| Return on assets % | 1.6% | 1.5% | 0.9% | 1.8% | 5.7% | 7.5% | 7.7% | 7.5% |
| Return on capital employed % | 6.2% | 6.5% | 6.4% | 7.6% | 17.2% | 16.3% | 16.3% | 13.1% |
| Return on equity % | 3.8% | 4.2% | 2.6% | 5.9% | 15.8% | 17% | 13.5% | 9.1% |
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.