Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 32.2% | 27.6% | 35.6% | 32.3% | 26.7% | ||
| 25.7% |
| 22.5% |
| EBITDA margin % | 4.6% | 3.1% | 9.2% | 6.1% | 2% | 0.6% | -1.1% |
| EBIT margin % | 3% | 1.3% | 7% | 4.5% | 0.6% | -1.1% | -3.1% |
| PAT margin % | 3.9% | -0.4% | 3% | 2.4% | 0.7% | -1.2% | -1.1% |
| Working capital | |||||||
| Receivable days | 26 | 31 | 33 | 28 | 20 | 25 | 24 |
| Inventory days | 45 | 44 | 60 | 48 | 33 | 60 | 43 |
| Payable days | — | — | — | — | 1 | — | — |
| NWC days | — | — | — | — | 52 | — | — |
| Leverage | |||||||
| Current ratio | 0.66 | 0.59 | 0.65 | 0.72 | 0.64 | 0.62 | 0.53 |
| Debt to EBITDA | 4.62 | 6.32 | 2.74 | 2.33 | 6.04 | 30.4 | — |
| Debt to equity | 1.69 | 1.62 | 1.5 | 1.02 | 1.11 | 1.58 | 2.33 |
| Interest coverage | 2 | 0.7 | 3 | 3.5 | 1.4 | -0.6 | 0.1 |
| Asset turnover | 1.96 | 1.85 | 1.56 | 1.99 | 2.45 | 1.81 | 1.92 |
| Return ratios | |||||||
| Return on assets % | 7.7% | -0.7% | 4.6% | 4.7% | 1.6% | -2.2% | -2.1% |
| Return on capital employed % | 15.6% | 8.3% | 26.9% | 21.5% | 7.8% | -4% | 0.8% |
| Return on equity % | 31.5% | -3.1% | 17.6% | 17.1% | 6% | -11.3% | -12.1% |
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.