Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 95.4% | 96.6% | 96% | 95.6% | 96.1% | ||
| 96.1% |
| 96.7% |
| EBITDA margin % | 10.4% | 12.5% | 13.3% | 11.2% | 15.7% | 14.3% | 14.2% |
| EBIT margin % | 5.5% | 8.1% | 8.9% | 6.9% | 11.9% | 10.4% | 9.9% |
| PAT margin % | 3.2% | 1% | 5.1% | -0.8% | 2.5% | 1.7% | 0% |
| Working capital | |||||||
| Receivable days | — | 40 | 56 | 56 | 62 | 69 | 73 |
| Inventory days | — | 97 | 85 | 74 | 80 | 78 | 97 |
| Payable days | — | 787 | 447 | 486 | 643 | 610 | 806 |
| NWC days | — | -650 | -306 | -355 | -501 | -463 | -636 |
| Leverage | |||||||
| Current ratio | — | 0.85 | 0.66 | 0.59 | 0.63 | 0.71 | 0.59 |
| Debt to EBITDA | — | 1.39 | 2.13 | 3.29 | 2.61 | 3.55 | 4.38 |
| Debt to equity | — | 0.45 | 0.75 | 1.1 | 1.23 | 1.83 | 2.81 |
| Interest coverage | 2.8 | 4.8 | 2.9 | 1.2 | 1.6 | 1.4 | 1.3 |
| Asset turnover | — | 0.88 | 0.52 | 0.54 | 0.57 | 0.59 | 0.59 |
| Return ratios | |||||||
| Return on assets % | — | 0.9% | 2.6% | -0.4% | 1.4% | 1% | 0% |
| Return on capital employed % | — | 11.2% | 8.4% | 6.7% | 10.6% | 10.1% | 10.2% |
| Return on equity % | — | 2.7% | 13.4% | -2.5% | 7.4% | 6.2% | 0.1% |
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.