Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 28.9% | 25.8% | 24.2% | 19.2% | 24.7% | 30.6% | 39.6% |
| EBITDA margin % | 5.2% | 5.9% | 5.9% | -1.6% | 2.4% | 8.1% | 10.8% |
| EBIT margin % | 4.6% | 5% | 4.4% | -6.9% | -3.4% | 3.3% | 5.4% |
| PAT margin % | 2.2% | 2.6% | 1.3% | -11.2% | -9.1% | 3.9% | 4.6% |
| Working capital | |||||||
| Receivable days | 24 | 77 | 30 | 60 | 53 | 33 | 41 |
| Inventory days | 79 | 86 | 114 | 92 | 88 | 110 | 177 |
| Payable days | 58 | 132 | 122 | 152 | 148 | 102 | 145 |
| NWC days | 45 | 31 | 22 | -0 | -8 | 40 | 73 |
| Leverage | |||||||
| Current ratio | 1.4 | 1.05 | 1.09 | 0.84 | 0.66 | 1.08 | 1.21 |
| Debt to EBITDA | 0.32 | 1 | 3.48 | — | 3.65 | 0.84 | 1.57 |
| Debt to equity | 0.08 | 0.23 | 0.55 | 0.59 | 0.58 | 0.2 | 0.39 |
| Interest coverage | 3.1 | 3.1 | 1.5 | -1.4 | -0.6 | 2 | 1.6 |
| Asset turnover | 2.54 | 1.13 | 0.87 | 0.93 | 0.99 | 1.14 | 0.93 |
| Return ratios | |||||||
| Return on assets % | 5.5% | 2.9% | 1.1% | -10.4% | -9.1% | 4.5% | 4.2% |
| Return on capital employed % | 22.9% | 14.6% | 9.5% | -11.4% | -8% | 21.2% | 11.8% |
| Return on equity % | 11% | 10.1% | 3.4% | -48.9% | -61.3% | 11.9% | 10.5% |
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.