Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 35% | 36% | 36.6% | 35% | 34.5% | 37.7% | 38.2% | 36.2% |
| EBITDA margin % | 8.2% | 6.9% | 12.9% | 8.9% | 9.2% | 13.6% | 12.8% | 5.6% |
| EBIT margin % | 0.4% | -1.3% | 3.5% | -0% | 2% | 7.4% | 7.5% | -0.3% |
| PAT margin % | -9.5% | -4.6% | -5.4% | -4.1% | 0.8% | 7.3% | 6.4% | 24.6% |
| Working capital | ||||||||
| Receivable days | 23 | 16 | 19 | 16 | 17 | 14 | 11 | 14 |
| Inventory days | 73 | 82 | 83 | 71 | 66 | 64 | 63 | 85 |
| Payable days | 127 | 139 | 175 | 141 | 116 | 126 | 131 | 158 |
| NWC days | -32 | -42 | -74 | -53 | -34 | -48 | -56 | -59 |
| Leverage | ||||||||
| Current ratio | 0.85 | 0.85 | 0.93 | 0.98 | 0.98 | 0.97 | 0.96 | 0.84 |
| Debt to EBITDA | 3.69 | 5.54 | 4.21 | 5.65 | 3.94 | 1.65 | 1.11 | 3.7 |
| Debt to equity | 1.51 | 1.58 | 2.46 | 3.13 | 2.77 | 1.16 | 0.54 | 0.62 |
| Interest coverage | 0.7 | -0.1 | 1.4 | 0.3 | 1.1 | 3.8 | 7.7 | 1.7 |
| Asset turnover | 0.98 | 0.81 | 0.73 | 0.84 | 1.03 | 1.18 | 1.16 | 0.88 |
| Return ratios | ||||||||
| Return on assets % | -9.4% | -3.7% | -3.9% | -3.4% | 0.8% | 8.6% | 7.4% | 21.6% |
| Return on capital employed % | 2.3% | -0.3% | 6.2% | 1.6% | 6.5% | 20.2% | 19.1% | 2.3% |
| Return on equity % | -47.7% | -19% | -24.2% | -25.4% | 5.9% | 37.5% | 24.2% | 73.7% |
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.