Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 89.4% | 87.9% | 89% | 90.1% | 91.1% | 91.5% | 91.4% |
| EBITDA margin % | 21.8% | 23.7% | -2.3% | 22.8% | 31% | 31.6% | 30.9% | 30.5% |
| EBIT margin % | 16.6% | 18.3% | -19.9% | 15.9% | 27.2% | 28.2% | 28% | 27.6% |
| PAT margin % | 7.7% | 9% | -42.4% | 0.9% | 24.3% | 22.7% | 26.1% | 80.7% |
| Working capital | ||||||||
| Receivable days | 21 | 18 | 37 | 15 | 22 | 17 | 14 | 37 |
| Inventory days | 11 | 89 | 228 | 107 | 77 | 72 | 79 | 111 |
| Payable days | — | — | 1,580 | 784 | 703 | 739 | 872 | 746 |
| NWC days | — | — | -1,316 | -662 | -604 | -650 | -779 | -599 |
| Leverage | ||||||||
| Current ratio | 0.46 | 0.59 | 0.42 | 0.6 | 1.04 | 1.13 | 1.31 | 1.26 |
| Debt to EBITDA | 2.32 | 1.9 | — | 3.29 | 0.81 | 0.5 | 0 | 0.44 |
| Debt to equity | 0.4 | 0.34 | 0.49 | 0.46 | 0.21 | 0.12 | 0 | 0.07 |
| Interest coverage | 2.8 | 2.6 | -0.8 | 2 | 8.6 | 9.1 | 15.5 | 30.3 |
| Asset turnover | 0.44 | 0.42 | 0.13 | 0.32 | 0.51 | 0.5 | 0.51 | 0.29 |
| Return ratios | ||||||||
| Return on assets % | 3.4% | 3.8% | -5.7% | 0.3% | 12.3% | 11.3% | 13.3% | 23.1% |
| Return on capital employed % | 9.5% | 9.1% | -2.6% | 6.3% | 21.8% | 17.8% | 19% | 12.6% |
| Return on equity % | 6.1% | 6.8% | -10.9% | 0.6% | 20.2% | 16.9% | 17.9% | 40.1% |
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.