Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 22.6% | 23.6% | 21.4% | 23.7% | 22.3% | 25.6% | 30.2% | 32.2% |
| EBITDA margin % | 5.5% | 6.8% | 6.9% | 6.3% | -5% | 6.2% | 9% | 8.5% |
| EBIT margin % | 3.7% | 4.9% | 5.4% | 4.8% | -6.7% | 4.2% | 5.5% | 5.6% |
| PAT margin % | 1% | 1.2% | 2.6% | 2.5% | -11.2% | 0.9% | 4.9% | 3.7% |
| Working capital | ||||||||
| Receivable days | 118 | 49 | 38 | 29 | 32 | 45 | 75 | 88 |
| Inventory days | 97 | 107 | 61 | 54 | 52 | 64 | 73 | 107 |
| Payable days | 83 | 68 | 48 | 39 | 35 | 45 | 47 | 68 |
| NWC days | 132 | 88 | 52 | 44 | 49 | 64 | 101 | 128 |
| Leverage | ||||||||
| Current ratio | 1.42 | 1.46 | 1.79 | 2.02 | 2.12 | 2 | 2.19 | 2.11 |
| Debt to EBITDA | 2.86 | 2.13 | 0.81 | 0.7 | — | 1.32 | 1.5 | 1.44 |
| Debt to equity | 0.24 | 0.22 | 0.1 | 0.1 | 0.1 | 0.22 | 0.24 | 0.2 |
| Interest coverage | 1.3 | 1.6 | 2.5 | 3.2 | -3.2 | 2.9 | 3.9 | 4.2 |
| Asset turnover | 0.9 | 0.96 | 1.26 | 1.55 | 2.08 | 1.54 | 1.08 | 1.01 |
| Return ratios | ||||||||
| Return on assets % | 0.9% | 1.1% | 3.2% | 3.9% | -23.4% | 1.3% | 5.3% | 3.8% |
| Return on capital employed % | 5.5% | 7.3% | 9.5% | 10.3% | -15.9% | 9.7% | 8.9% | 9.6% |
| Return on equity % | 1.5% | 1.8% | 4.8% | 5.9% | -38.4% | 2.4% | 8.9% | 6.1% |
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.