Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 40.5% | 49.9% | 64.8% | 58.4% | 49.2% | 51% |
| EBITDA margin % | 44.1% | 26.6% | 22.3% | 18.6% | 17.7% | 20.8% | 21.8% | 27.1% |
| EBIT margin % | 43.9% | 26% | 21.5% | 17.2% | 15.2% | 19.1% | 20.3% | 25.8% |
| PAT margin % | 28.1% | 16.6% | 6.8% | 4.9% | 0.4% | 12.6% | 17.6% | 18% |
| Working capital | ||||||||
| Receivable days | 175 | 246 | 198 | 192 | 151 | 189 | 50 | 37 |
| Inventory days | 2,007 | 2,150 | 2,614 | 5,734 | 16,377 | 9,257 | 5,223 | 5,236 |
| Payable days | 1 | — | 183 | 275 | 605 | 452 | 234 | 183 |
| NWC days | 2,180 | — | 2,630 | 5,652 | 15,923 | 8,993 | 5,040 | 5,090 |
| Leverage | ||||||||
| Current ratio | — | 3.95 | 5.07 | 2.23 | 1.63 | 1.53 | 1.5 | 1.81 |
| Debt to EBITDA | 1.25 | 2.4 | 5.02 | 8.25 | 10.68 | 3.2 | 2.08 | 2.54 |
| Debt to equity | 0.17 | 0.14 | 0.25 | 0.28 | 0.25 | 0.12 | 0.12 | 0.21 |
| Interest coverage | 10 | 4.2 | 1.8 | 1.4 | 1 | 2.4 | 5.4 | 5 |
| Asset turnover | 0.22 | 0.16 | 0.15 | 0.09 | 0.05 | 0.07 | 0.1 | 0.11 |
| Return ratios | ||||||||
| Return on assets % | 6.1% | 2.6% | 1% | 0.5% | 0% | 0.9% | 1.8% | 2% |
| Return on capital employed % | 11.2% | 5.4% | 4.7% | 3.3% | 2.6% | 4.9% | 6.5% | 8% |
| Return on equity % | 8.5% | 3.8% | 1.5% | 0.9% | 0.1% | 2.3% | 4.6% | 5.6% |
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.