Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 49.2% | 54.7% | 55.2% | 48.4% | 45.4% | 37.5% | 51.2% | 50% |
| EBITDA margin % | 15.9% | 19.6% | 23.9% | 6.3% | 9.3% | -7.4% | 16.1% | 13.6% |
| EBIT margin % | 9.9% | 12.5% | 17.1% | -2.6% | 1.6% | -15.4% | 8.3% | 6.4% |
| PAT margin % | 4.3% | 8.7% | 13.7% | -4.6% | -1.5% | -44% | 0% | -0.5% |
| Working capital | ||||||||
| Receivable days | 76 | 63 | 109 | 141 | 136 | 99 | 93 | 117 |
| Inventory days | 111 | 170 | 149 | 321 | 258 | 163 | 185 | 169 |
| Payable days | 1 | — | 156 | 154 | 142 | 142 | 145 | 146 |
| NWC days | 186 | — | 102 | 308 | 252 | 120 | 133 | 140 |
| Leverage | ||||||||
| Current ratio | 0.99 | 0.92 | 1.34 | 1.17 | 1.08 | 0.63 | 0.77 | 0.96 |
| Debt to EBITDA | 1.99 | 2.26 | 1.57 | 12.81 | 7.48 | — | 3.76 | 3.56 |
| Debt to equity | 0.46 | 0.54 | 0.38 | 0.67 | 0.67 | 1.07 | 0.71 | 0.53 |
| Interest coverage | 1.8 | 2.5 | 3.6 | -0.2 | 0.5 | -1.8 | 1 | 1 |
| Asset turnover | 0.71 | 0.61 | 0.62 | 0.43 | 0.5 | 0.55 | 0.58 | 0.59 |
| Return ratios | ||||||||
| Return on assets % | 3% | 5.3% | 8.5% | -2% | -0.8% | -24.1% | 0% | -0.3% |
| Return on capital employed % | 11.5% | 14.1% | 18.8% | -0.7% | 2.5% | -13.3% | 9.6% | 6.8% |
| Return on equity % | 6.2% | 10.5% | 13.9% | -3.8% | -1.5% | -60.7% | 0% | -0.6% |
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.