Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 37.3% | 37.2% | 33.5% | 34.1% | 35.4% | 37.3% | 36.1% | 35.9% |
| EBITDA margin % | 9.1% | 7.4% | 3.5% | 6.2% | 8% | 10.2% | 9.7% | 9.3% |
| EBIT margin % | 4.3% | 0.8% | -4.4% | 0.9% | 3.1% | 5.8% | 5.7% | 5.6% |
| PAT margin % | 3.7% | 0% | -5.6% | -18.9% | -11.9% | 7.1% | 0.9% | 2.6% |
| Working capital | ||||||||
| Receivable days | 41 | 36 | 53 | 32 | 32 | 24 | 30 | 30 |
| Inventory days | 43 | 56 | 61 | 58 | 55 | 52 | 51 | 60 |
| Payable days | — | 5 | 144 | 115 | 99 | 94 | 98 | 97 |
| NWC days | — | 87 | -30 | -25 | -12 | -19 | -16 | -8 |
| Leverage | ||||||||
| Current ratio | 0.7 | 0.69 | 0.7 | 0.47 | 0.62 | 0.79 | 0.77 | 0.88 |
| Debt to EBITDA | 1.52 | 3.17 | 7.56 | 4.32 | 2.99 | 1.56 | 1.2 | 0.89 |
| Debt to equity | 0.54 | 0.87 | 0.99 | 0.78 | 1.67 | 0.81 | 0.61 | 0.41 |
| Interest coverage | 6.3 | 1.3 | -2.3 | 0.7 | 1.4 | 2.4 | 2.8 | 3.8 |
| Asset turnover | 1.38 | 1.01 | 1.01 | 0.53 | 1.49 | 1.66 | 1.75 | 1.82 |
| Return ratios | ||||||||
| Return on assets % | 5.2% | 0% | -5.6% | -10.1% | -17.7% | 11.7% | 1.5% | 4.7% |
| Return on capital employed % | 16.1% | 4.2% | -7.4% | 1.4% | 5.5% | 22.4% | 21.4% | 23.7% |
| Return on equity % | 14.7% | 0.1% | -20.8% | -55.7% | -83.7% | 35.5% | 4.5% | 12.9% |
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.