Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 38.1% | 30.2% | 23.5% | 29.5% | 35.8% | 32.3% | 29.2% |
| EBITDA margin % | 18.3% | 16.9% | 10.2% | 11.3% | 22.3% | 20.8% | 17.3% |
| EBIT margin % | 3.7% | 8.3% | 0.6% | 4.2% | 16.2% | 15.9% | 12.2% |
| PAT margin % | 4.6% | 3.2% | 0% | 2.5% | 14.8% | 14% | 10.7% |
| Working capital | |||||||
| Receivable days | — | 79 | 91 | 127 | 186 | 150 | 194 |
| Inventory days | — | 71 | 81 | 114 | 66 | 73 | 76 |
| Payable days | — | 32 | 48 | 41 | 83 | 37 | 21 |
| NWC days | — | 118 | 123 | 200 | 169 | 186 | 249 |
| Leverage | |||||||
| Current ratio | — | 1.56 | 1.69 | 1.96 | 1.96 | 3.48 | 6.16 |
| Debt to EBITDA | — | 1.55 | 2.1 | 2.34 | 0.85 | 0.85 | 0.79 |
| Debt to equity | — | 0.2 | 0.24 | 0.26 | 0.18 | 0.19 | 0.12 |
| Interest coverage | 2.2 | 18.5 | 1.6 | 2 | 8.5 | 9.8 | 7 |
| Asset turnover | 0.91 | 0.6 | 0.8 | 0.7 | 0.7 | 0.82 | 0.75 |
| Return ratios | |||||||
| Return on assets % | 4.2% | 1.9% | 0% | 1.7% | 10.4% | 11.4% | 8% |
| Return on capital employed % | — | 6.8% | 2.7% | 5.3% | 17.3% | 17.6% | 11.4% |
| Return on equity % | — | 2.5% | 0% | 2.4% | 14.2% | 14.8% | 9.5% |
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.