Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 65.4% | 62.8% | 63.1% | 64.1% | 63.8% | 65.9% | 68.2% | 67.9% |
| EBITDA margin % | -6% | -5.1% | 12.9% | 12.8% | 15.8% | 16.6% | 18.8% | 18.1% |
| EBIT margin % | -10.5% | -14.6% | 3.1% | 4% | 8.2% | 9.6% | 12.9% | 12.5% |
| PAT margin % | -12.8% | -26% | -1.5% | 1.7% | 9.4% | 7.7% | 8.4% | 9.2% |
| Working capital | ||||||||
| Receivable days | 311 | — | 276 | 222 | 159 | 143 | 140 | 160 |
| Inventory days | 414 | — | 320 | 269 | 258 | 284 | 223 | 232 |
| Payable days | — | — | 274 | 257 | 178 | 245 | 188 | 221 |
| NWC days | — | — | 323 | 234 | 239 | 183 | 175 | 172 |
| Leverage | ||||||||
| Current ratio | 1.82 | — | 1.88 | 2.01 | 2.09 | 2.22 | 2.77 | 2.63 |
| Debt to EBITDA | — | — | 3.71 | 2.56 | 1.32 | 0.99 | 0.49 | 0.61 |
| Debt to equity | 0.23 | — | 0.25 | 0.19 | 0.14 | 0.12 | 0.07 | 0.08 |
| Interest coverage | -1.6 | -1.5 | 1 | 1.2 | 4 | 4.8 | 8.2 | 8.3 |
| Asset turnover | 0.36 | — | 0.34 | 0.4 | 0.5 | 0.52 | 0.57 | 0.57 |
| Return ratios | ||||||||
| Return on assets % | -4.7% | — | -0.5% | 0.7% | 4.7% | 4% | 4.8% | 5.2% |
| Return on capital employed % | -4.2% | — | 3.5% | 3.6% | 8.8% | 7.5% | 10.4% | 10.7% |
| Return on equity % | -7.2% | — | -0.8% | 1% | 6.4% | 5.4% | 6.1% | 6.9% |
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.