Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 61.7% | 62.6% | 66.5% | 57.9% | 56.3% | 58.1% | 53.8% | 53.9% |
| EBITDA margin % | 6.2% | 3% | -14.2% | -2.8% | 4% | 5.8% | 2.8% | 3.9% |
| EBIT margin % | 4.2% | 1.1% | -17.6% | -5% | 1.8% | 3.9% | 1.2% | 2.4% |
| PAT margin % | 3.1% | 0.5% | -17.4% | 1.1% | 2.5% | 0.1% | 1.9% | 2.2% |
| Working capital | ||||||||
| Receivable days | — | — | 45 | 31 | 31 | 25 | 31 | 30 |
| Inventory days | 64 | 80 | 160 | 111 | 93 | 81 | 64 | 66 |
| Payable days | — | — | 254 | 209 | 126 | 111 | 68 | 70 |
| NWC days | — | — | -48 | -66 | -2 | -5 | 27 | 26 |
| Leverage | ||||||||
| Current ratio | 1.22 | 1.14 | 0.99 | 0.88 | 0.88 | 0.85 | 1.32 | 1.23 |
| Debt to EBITDA | 5.87 | 12.47 | — | — | 14.19 | 7.26 | 15.96 | 11.98 |
| Debt to equity | 1.29 | 1.43 | 3.34 | 3.36 | 3.7 | 3.52 | 3.42 | 3.28 |
| Interest coverage | 1.9 | 1.2 | -0.8 | 1 | 1.5 | 1.7 | 1.5 | 1.7 |
| Asset turnover | 0.98 | 0.98 | 0.52 | 0.72 | 0.95 | 1.21 | 1.24 | 1.02 |
| Return ratios | ||||||||
| Return on assets % | 3% | 0.5% | -9% | 0.8% | 2.4% | 0.1% | 2.3% | 2.2% |
| Return on capital employed % | 15.5% | 11.6% | -9.9% | 15.6% | 22.7% | 33.2% | 23.2% | 18.1% |
| Return on equity % | 10.8% | 1.9% | -58.1% | 5.5% | 16% | 0.5% | 14.4% | 15.3% |
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.