Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 37.1% | 44.8% | 44.8% | 40.6% | 32.9% | 32.2% | 37.6% | 35.8% |
| EBITDA margin % | 6.7% | 6.5% | 7.7% | 3.7% | 3.6% | 2.6% | 3.1% | 3.9% |
| EBIT margin % | 5.9% | 3.7% | 5.1% | 1.5% | 2.4% | 1.1% | 1.2% | 2% |
| PAT margin % | 2.4% | -1.4% | 2% | -0.6% | 1.6% | 0.6% | 0.9% | 1% |
| Working capital | ||||||||
| Receivable days | — | 215 | 81 | 65 | 51 | 63 | 60 | 92 |
| Inventory days | — | 64 | 24 | 87 | 56 | 40 | 27 | 29 |
| Payable days | — | 45 | 41 | 56 | 32 | 33 | 45 | 39 |
| NWC days | — | 234 | 65 | 96 | 75 | 70 | 42 | 81 |
| Leverage | ||||||||
| Current ratio | — | 1.03 | 1.05 | 1.03 | 1.08 | 0.98 | 1.01 | 1.01 |
| Debt to EBITDA | — | 9.23 | 2.07 | 5.48 | 3.72 | 6.61 | 3.28 | 4.75 |
| Debt to equity | — | 4.17 | 0.88 | 1.52 | 1.57 | 1.6 | 0.73 | 1.39 |
| Interest coverage | 2.5 | 1.3 | 2.2 | 2.1 | 3 | 1.3 | 1.5 | 1.9 |
| Asset turnover | — | 0.9 | 1.42 | 1.51 | 2.36 | 2.1 | 2.13 | 1.84 |
| Return ratios | ||||||||
| Return on assets % | — | -1.2% | 2.8% | -0.9% | 3.7% | 1.3% | 2% | 1.8% |
| Return on capital employed % | — | 10.7% | 12.4% | 5.5% | 18.2% | 7.5% | 7.5% | 11% |
| Return on equity % | — | -9.5% | 11.1% | -4.6% | 18% | 5.9% | 6.8% | 7.4% |
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.