Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 88.8% | 82.2% | 77% | 74.8% | 76.5% | 80.1% | 82.3% | 74.9% |
| EBITDA margin % | 23.3% | 7.1% | 11.8% | 15.6% | 14.9% | 15.2% | 14.4% | 13.4% |
| EBIT margin % | 21% | 4.6% | 8.2% | 13.2% | 12.7% | 13% | 12.4% | 11.4% |
| PAT margin % | 4.6% | 0.4% | -14.6% | 2.1% | 4.4% | 6.4% | 4.9% | 5.3% |
| Working capital | ||||||||
| Receivable days | 139 | 112 | 79 | 61 | 46 | 44 | 54 | 43 |
| Inventory days | 5,066 | 2,795 | 2,886 | 1,537 | 1,383 | 1,529 | 1,775 | 279 |
| Payable days | 2 | 2 | 962 | 567 | 573 | 752 | 857 | 616 |
| NWC days | 5,203 | 2,904 | 2,003 | 1,031 | 856 | 822 | 972 | -294 |
| Leverage | ||||||||
| Current ratio | 1.27 | 1.24 | 1.46 | 1.41 | 1.46 | 1.48 | 1.59 | 1.45 |
| Debt to EBITDA | 4.99 | 12.11 | 9.66 | 4.29 | 2.83 | 2.77 | 2.2 | 1.78 |
| Debt to equity | 1.16 | 0.88 | 0.98 | 0.95 | 0.61 | 0.61 | 0.43 | 0.27 |
| Interest coverage | 1.5 | 1.2 | 0.7 | 1.3 | 1.6 | 1.9 | 2.5 | 2.5 |
| Asset turnover | 0.28 | 0.31 | 0.25 | 0.4 | 0.48 | 0.51 | 0.53 | 0.54 |
| Return ratios | ||||||||
| Return on assets % | 1.3% | 0.1% | -3.6% | 0.8% | 2.1% | 3.2% | 2.6% | 2.8% |
| Return on capital employed % | 17.1% | 7.5% | 6.1% | 12.1% | 13.5% | 13.7% | 15.3% | 13.3% |
| Return on equity % | 4.6% | 0.4% | -12.5% | 3% | 6.4% | 9.2% | 6.5% | 6.1% |
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.