Consolidated figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 67.6% | — | 76.8% | 48.1% | ||||
| 71.7% |
| — |
| 63.8% |
| — |
| EBITDA margin % | 36.4% | 54.8% | 27% | 15.6% | -30.9% | 13.6% | 21% | 4.9% |
| EBIT margin % | 35.8% | 54% | 26.2% | 13.3% | -41% | 10.1% | 20.3% | 1.8% |
| PAT margin % | 27.6% | 43.4% | 21.6% | 20.9% | -31.3% | 88.5% | 21.6% | 7.9% |
| Working capital | ||||||||
| Receivable days | 2 | 13 | — | 22 | 83 | 41 | 5 | — |
| Inventory days | 1,821 | 1,563 | — | 3,127 | 24,455 | 3,093 | 1,015 | — |
| Payable days | 7 | 21 | — | 22 | 186 | 19 | 25 | — |
| NWC days | 1,815 | 1,555 | — | 3,127 | 24,352 | 3,114 | 995 | — |
| Leverage | ||||||||
| Current ratio | — | 2.73 | — | 3.27 | 2.23 | 1.88 | 3.12 | — |
| Debt to EBITDA | 0.19 | 0.16 | — | 1.02 | — | 0.43 | 1.05 | — |
| Debt to equity | 0.04 | 0.04 | — | 0.04 | 0.09 | 0.01 | 0.2 | — |
| Interest coverage | 382 | 228.8 | 82.3 | 15.2 | -9.5 | 21.6 | 219.6 | 15.7 |
| Asset turnover | 0.4 | 0.34 | — | 0.17 | 0.04 | 0.1 | 0.62 | — |
| Return ratios | ||||||||
| Return on assets % | 10.9% | 14.7% | — | 3.6% | -1.3% | 8.9% | 13.4% | — |
| Return on capital employed % | — | 29.7% | — | 4.5% | -1.9% | 3% | 20.6% | — |
| Return on equity % | 14.5% | 22.3% | — | 5% | -2.1% | 16.3% | 19.9% | — |
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.