Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 21.3% | 22.7% | 29.2% | 24.1% | ||||
| 28.8% |
| 38.1% |
| 37.4% |
| 38.5% |
| EBITDA margin % | 8.4% | 10.6% | 11.1% | 8.8% | 12.7% | 17.3% | 14.5% | 16.3% |
| EBIT margin % | 7.2% | 8.1% | 7.7% | 5.5% | 9.8% | 13.6% | 11.2% | 11.3% |
| PAT margin % | 1.7% | 1.9% | -4.5% | -3% | 1.9% | 3.5% | 3% | 1.9% |
| Working capital | ||||||||
| Receivable days | — | 167 | 255 | 177 | 134 | 103 | 69 | 69 |
| Inventory days | — | 251 | 623 | 423 | 455 | 779 | 640 | 696 |
| Payable days | — | 22 | 58 | 16 | 36 | 60 | 86 | 58 |
| NWC days | — | 396 | 819 | 583 | 553 | 822 | 623 | 707 |
| Leverage | ||||||||
| Current ratio | — | 1.88 | 1.97 | 2.73 | 2.07 | 1.93 | 1.97 | 1.98 |
| Debt to EBITDA | — | 3.93 | 9.7 | 8.97 | 4.87 | 4.22 | 4.31 | 3.85 |
| Debt to equity | — | 0.71 | 0.88 | 0.94 | 0.91 | 0.81 | 0.77 | 0.7 |
| Interest coverage | 1.5 | 1.5 | 0.6 | 0.6 | 1.4 | 1.5 | 1.6 | 1.4 |
| Asset turnover | — | 0.8 | 0.38 | 0.53 | 0.59 | 0.44 | 0.53 | 0.51 |
| Return ratios | ||||||||
| Return on assets % | — | 1.5% | -1.7% | -1.6% | 1.1% | 1.6% | 1.6% | 1% |
| Return on capital employed % | — | 13.3% | 5.8% | 4.9% | 10.5% | 11.7% | 11.3% | 10.5% |
| Return on equity % | — | 3.2% | -3.7% | -3.6% | 2.8% | 3.9% | 3.7% | 2.2% |
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.