Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 57.7% | 48.6% | 42.4% | 49.2% | 51% | 65.8% | 83.6% | 59.7% |
| EBITDA margin % | 28.1% | 29% | 27.2% | 24% | 25.1% | 31.7% | 34.8% | 29.2% |
| EBIT margin % | 21.9% | 20.8% | 19% | 16.6% | 17.3% | 22.6% | 23.8% | 22.1% |
| PAT margin % | 8.5% | 6.8% | 22.1% | 19% | 12.8% | 20.7% | 8.4% | 10.3% |
| Working capital | ||||||||
| Receivable days | 117 | 66 | 69 | 81 | 58 | 57 | 67 | 59 |
| Inventory days | 2,194 | 995 | 836 | 1,302 | 1,286 | 3,275 | 9,671 | 2,875 |
| Payable days | 209 | 107 | 94 | 110 | 130 | 225 | 568 | 179 |
| NWC days | 2,102 | 954 | 810 | 1,272 | 1,214 | 3,107 | 9,171 | 2,755 |
| Leverage | ||||||||
| Current ratio | 0.89 | — | 1.43 | 1.23 | 1.12 | 1.19 | 1.25 | 1.15 |
| Debt to EBITDA | 5.65 | 3.66 | 2.02 | 4.25 | 3.89 | 4.59 | 4.14 | 4.04 |
| Debt to equity | 1.94 | 1.61 | 0.5 | 0.72 | 0.81 | 1.02 | 0.69 | 0.92 |
| Interest coverage | 1.7 | 1.8 | 1.6 | 2.3 | 2.4 | 2.7 | 1.6 | 2.1 |
| Asset turnover | 0.18 | 0.27 | 0.29 | 0.21 | 0.23 | 0.16 | 0.13 | 0.17 |
| Return ratios | ||||||||
| Return on assets % | 1.5% | 1.8% | 6.3% | 4% | 2.9% | 3.4% | 1% | 1.8% |
| Return on capital employed % | 13.2% | — | 11.2% | 8.8% | 12.8% | 19.6% | 10.1% | 13.6% |
| Return on equity % | 10.5% | 10.2% | 20% | 13.4% | 10.7% | 14.4% | 4% | 8% |
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.