Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 97.9% | 98.5% | — | — | ||||
| 96.3% |
| 96.2% |
| 95% |
| 94.3% |
| EBITDA margin % | 7.8% | 9.1% | 18% | 21.5% | -1.1% | 0.4% | 0.9% | -3.4% |
| EBIT margin % | 3.8% | 2.4% | 11.8% | 17.3% | -5.9% | -5.7% | -5.6% | -10.8% |
| PAT margin % | 9.6% | 149.3% | 15.1% | 16.7% | 2.5% | 13% | 13.4% | 1.5% |
| Working capital | ||||||||
| Receivable days | 66 | 57 | 56 | 50 | 33 | 46 | 51 | 54 |
| Inventory days | 105 | 14 | 1 | 1 | 20 | 34 | 22 | 21 |
| Payable days | 2,177 | 2,695 | 43 | 42 | 1,073 | 1,294 | 971 | 959 |
| NWC days | -2,005 | -2,625 | 14 | 8 | -1,020 | -1,214 | -898 | -885 |
| Leverage | ||||||||
| Current ratio | 1.12 | 3.95 | 3.7 | 2.94 | 6.2 | 7.16 | 7.83 | 5.71 |
| Debt to EBITDA | 2.12 | 0.67 | 0.16 | 0.03 | — | 0 | 0.2 | — |
| Debt to equity | 0.19 | 0.04 | 0.02 | 0.01 | 0.01 | 0 | 0 | 0 |
| Interest coverage | 2.1 | 8.3 | 33.6 | 140.4 | 15.6 | 33.8 | 64.6 | 23.1 |
| Asset turnover | 0.61 | 0.44 | 0.44 | 0.65 | 0.3 | 0.26 | 0.3 | 0.31 |
| Return ratios | ||||||||
| Return on assets % | 5.9% | 65.7% | 6.7% | 10.9% | 0.7% | 3.4% | 4% | 0.5% |
| Return on capital employed % | 4.2% | 10.2% | 12.2% | 18% | 1.4% | 4.6% | 5.6% | 2.2% |
| Return on equity % | 10.9% | 89.3% | 8.8% | 15.2% | 0.8% | 3.8% | 4.5% | 0.6% |
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.