Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 40.1% | 40.8% | 39% | 37.4% | ||||
| 36.8% |
| 37.1% |
| 42.4% |
| 41% |
| EBITDA margin % | 7.5% | 3.6% | 2.4% | 4.3% | 7.8% | 6.5% | 8.3% | 8.8% |
| EBIT margin % | 3.2% | -1.5% | -2.8% | -0.4% | 3.7% | 2.5% | 4.4% | 5% |
| PAT margin % | 0.2% | -3.6% | -4.8% | 0.6% | 1.3% | 0.1% | 1.1% | 2.8% |
| Working capital | ||||||||
| Receivable days | 58 | 55 | 78 | 7,441 | 65 | 55 | 76 | 75 |
| Inventory days | 67 | 76 | 75 | 7,064 | 62 | 62 | 81 | 80 |
| Payable days | — | — | 139 | 10,694 | 85 | 74 | 93 | 88 |
| NWC days | — | — | 14 | 3,810 | 42 | 44 | 64 | 67 |
| Leverage | ||||||||
| Current ratio | 0.9 | 0.78 | 0.78 | 0.89 | 0.92 | 0.86 | 0.98 | 0.92 |
| Debt to EBITDA | 3.14 | 8.64 | 11.75 | 685.58 | 3.6 | 4.8 | 2.7 | 1.87 |
| Debt to equity | 1.58 | 2.16 | 1.99 | 2.22 | 2.73 | 2.74 | 1.13 | 0.84 |
| Interest coverage | 1.7 | -0.1 | -1.1 | -0.1 | 3.1 | 1.1 | 2.2 | 3.5 |
| Asset turnover | 1.66 | 1.39 | 1.23 | 0.01 | 1.74 | 1.64 | 1.5 | 1.53 |
| Return ratios | ||||||||
| Return on assets % | 0.3% | -4.9% | -5.9% | 0% | 2.2% | 0.2% | 1.7% | 4.3% |
| Return on capital employed % | 14.5% | -1.3% | -6.8% | -0% | 0.4% | 21.3% | 21.9% | 22.1% |
| Return on equity % | 1.1% | -24.8% | -33.6% | 0% | 12.4% | 1.2% | 5.6% | 14.3% |
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.