Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 54.3% | 64.4% | 81.5% | 71.6% | ||||
| 73.7% |
| 91.4% |
| — |
| — |
| EBITDA margin % | 20.3% | 13.4% | 16.5% | 10.2% | 6.9% | 17.8% | 26.1% | 20.2% |
| EBIT margin % | 18.7% | 10.7% | 13.5% | 6.7% | 3% | 13.9% | 23% | 16.7% |
| PAT margin % | 6.5% | -1.5% | 4.8% | 0.5% | 3.8% | 6.9% | 13% | 12.2% |
| Working capital | ||||||||
| Receivable days | — | — | 61 | 90 | 69 | 102 | 74 | 220 |
| Inventory days | — | — | 179 | 29 | 391 | 2,022 | 0 | 0 |
| Payable days | — | — | 1,050 | 781 | 990 | 2,685 | 475 | 262 |
| NWC days | — | — | -810 | -662 | -530 | -561 | -401 | -42 |
| Leverage | ||||||||
| Current ratio | — | — | 1.62 | 1.86 | 2.09 | 2.1 | 1.6 | 2.34 |
| Debt to EBITDA | — | — | 5.24 | 3.9 | 8.53 | 6.98 | 3.94 | 0.89 |
| Debt to equity | — | — | 0.46 | 0.21 | 0.28 | 0.54 | 0.52 | 0.07 |
| Interest coverage | 1.3 | 0.9 | 1.5 | 1.3 | 2.2 | 2.1 | 2.5 | 1.8 |
| Asset turnover | — | — | 0.28 | 0.32 | 0.27 | 0.22 | 0.23 | 0.29 |
| Return ratios | ||||||||
| Return on assets % | — | — | 1.3% | 0.1% | 1% | 1.5% | 3% | 3.5% |
| Return on capital employed % | — | — | 9.6% | 5.8% | 4.6% | 7.3% | 11.6% | 8.5% |
| Return on equity % | — | — | 2.5% | 0.2% | 1.8% | 3% | 6.5% | 4.7% |
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.