Aeroflex Enterprises financials and balance sheet

NSE: AEROENTERBSE: 511076Industrial ProductsSmall Cap

Formerly Sat Industries

₹116.59₹4.68 (3.86%)BSE ₹116.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹121.27.

52-week range of traded prices to 23 Oct 2026

₹62.20Low, 23 Mar 2026₹159.60High, 8 Sep 2026

Market cap: ₹1,319 Cr1,476th largest listed
P/E: Earlier quarters restated in the year
P/B: 1.6
Dividend yield: 0.34%
ROCE: 8.6%
Debt to equity: 0.04
Volume, NSE: 6,80,42241.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Aeroflex Enterprises annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹698 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue698
Materials and goods−390
Employee costs−74
Other expenses−113
Operating profit122
Depreciation−33
Other income+28
One-off items−1.0
Finance costs−5.3
Profit before tax111
Tax−25
Net profit85

What the company owns

Plant, investments and other assets₹637 Cr
Receivables₹214 Cr
Inventory₹159 Cr
Cash and bank₹146 Cr

What pays for it: net worth and liabilities

Net worth₹962 Cr
Owed to suppliers₹102 Cr
Other liabilities₹51 Cr
Borrowings₹41 Cr

Aeroflex Enterprises business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Aeroflex Enterprises segment results by quarter

Revenue by segment

₹698 CrTotal

Felxible Flow Solution₹427 Cr61.2% of total
Flexible Packaging₹126 Cr18.0% of total
Engineering Services₹117 Cr16.8% of total
Financing₹25 Cr3.5% of total
Others₹4 Cr0.5% of total

Profit by segment

Felxible Flow Solution₹59.0 Cr59.6% of total
Engineering Services₹28.9 Cr29.2% of total
Financing₹11.1 Cr11.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Felxible Flow Solution
Revenue, ₹ crore
427
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
59
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Flexible Packaging
Revenue, ₹ crore
126
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Engineering Services
Revenue, ₹ crore
117
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
29
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Financing
Revenue, ₹ crore
7
13
10
25
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
1
0
11
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	230	229	205	351	482	778	606	698
Company revenue, as in its results	229	225	205	347	466	501	579	698
Revenue	–	–	–	–	–	–	–	427
Profit	–	–	–	–	–	–	–	59
Margin	–	–	–	–	–	–	–	13.8%
Return on capital	–	–	–	–	–	–	–	13.3%
Assets	–	–	–	–	–	–	–	563
Liabilities	–	–	–	–	–	–	–	118
Capital employed	–	–	–	–	–	–	–	445
Revenue	–	–	–	–	–	–	–	126
Profit	–	–	–	–	–	–	–	−2
Margin	–	–	–	–	–	–	–	−1.9%
Return on capital	–	–	–	–	–	–	–	−2.2%
Assets	–	–	–	–	–	–	–	144
Liabilities	–	–	–	–	–	–	–	37
Capital employed	–	–	–	–	–	–	–	107
Revenue	–	–	–	–	–	–	–	117
Profit	–	–	–	–	–	–	–	29
Margin	–	–	–	–	–	–	–	24.7%
Return on capital	–	–	–	–	–	–	–	32.5%
Assets	–	–	–	–	–	–	–	111
Liabilities	–	–	–	–	–	–	–	22
Capital employed	–	–	–	–	–	–	–	89
Revenue	–	–	–	–	7	13	10	25
Revenue growth	–	–	–	–	–	90.3%	−26.0%	156.4%
Profit	–	–	–	–	1	1	0	11
Profit growth	–	–	–	–	–	127.1%	−68.5%	2,253.6%
Margin	–	–	–	–	9.6%	11.5%	4.9%	44.8%
Return on capital	–	–	–	–	0.9%	0.5%	0.2%	7.3%
Assets	–	–	–	–	112	344	310	166
Liabilities	–	–	–	–	40	48	10	14
Capital employed	–	–	–	–	72	296	300	152
Revenue	–	–	–	–	–	–	–	4
Profit	–	–	–	–	–	–	–	−1
Margin	–	–	–	–	–	–	–	−17.2%
Assets	–	–	–	–	–	–	–	0
Liabilities	–	–	–	–	–	–	–	0
Capital employed	–	–	–	–	–	–	–	0
Revenue	40	27	2	20	13	11	6	–
Revenue growth	–	−32.3%	−94.3%	–	−36.5%	−12.6%	−51.2%	–
Profit	5	−2	1	5	0	1	4	–
Profit growth	–	–	–	–	−91.7%	19.7%	578.8%	–
Margin	12.5%	−7.7%	50.8%	25.9%	3.4%	4.6%	64.3%	–
Return on capital	18.9%	−8.5%	117.2%	16.9%	1.3%	–	–	–
Assets	31	31	1	36	35	0	0	–
Liabilities	5	6	0	5	0	0	0	–
Capital employed	26	24	1	31	35	0	0	–
Revenue	45	50	55	81	87	99	123	–
Revenue growth	–	10.8%	10.9%	46.6%	7.8%	13.5%	23.8%	–
Profit	0	0	2	5	2	−2	−2	–
Profit growth	–	56.8%	286.7%	239.7%	−57.2%	–	–	–
Margin	0.6%	0.8%	2.9%	6.7%	2.7%	−2.1%	−1.6%	–
Return on capital	1.4%	2.2%	8.0%	15.9%	2.9%	−2.6%	−2.3%	–
Assets	37	35	41	69	118	124	123	–
Liabilities	18	16	20	34	36	41	38	–
Capital employed	19	19	20	34	82	83	86	–
Revenue	1	4	0	5	16	278	28	–
Revenue growth	–	–	−90.5%	–	227.1%	1,687.4%	−90.1%	–
Profit	1	4	0	5	16	278	28	–
Profit growth	–	–	−90.5%	–	227.1%	1,687.4%	−90.1%	–
Margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	–
Assets	0	0	0	0	0	0	0	–
Liabilities	0	0	0	0	0	0	0	–
Capital employed	0	0	0	0	0	0	0	–
Revenue	–	–	–	–	–	319	384	–
Revenue growth	–	–	–	–	–	–	20.3%	–
Profit	–	–	–	–	–	53	65	–
Profit growth	–	–	–	–	–	–	20.9%	–
Margin	–	–	–	–	–	16.7%	16.8%	–
Return on capital	–	–	–	–	–	16.1%	16.7%	–
Assets	–	–	–	–	–	414	471	–
Liabilities	–	–	–	–	–	82	84	–
Capital employed	–	–	–	–	–	332	387	–
Revenue	–	–	–	–	–	–	56	–
Profit	–	–	–	–	–	–	15	–
Margin	–	–	–	–	–	–	26.3%	–
Return on capital	–	–	–	–	–	–	29.4%	–
Assets	–	–	–	–	–	–	71	–
Liabilities	–	–	–	–	–	–	20	–
Capital employed	–	–	–	–	–	–	51	–
Revenue	–	–	–	–	99	58	–	–
Revenue growth	–	–	–	–	–	−41.5%	–	–
Profit	–	–	–	–	1	1	–	–
Profit growth	–	–	–	–	–	−36.0%	–	–
Margin	–	–	–	–	0.9%	1.0%	–	–
Return on capital	–	–	–	–	18.5%	5.7%	–	–
Assets	–	–	–	–	12	12	–	–
Liabilities	–	–	–	–	7	2	–	–
Capital employed	–	–	–	–	5	10	–	–
Revenue	–	–	–	241	260	–	–	–
Revenue growth	–	–	–	–	7.9%	–	–	–
Profit	–	–	–	38	36	–	–	–
Profit growth	–	–	–	–	−4.3%	–	–	–
Margin	–	–	–	15.8%	14.0%	–	–	–
Return on capital	–	–	–	44.3%	32.0%	–	–	–
Assets	–	–	–	183	214	–	–	–
Liabilities	–	–	–	97	100	–	–	–
Capital employed	–	–	–	86	114	–	–	–
Revenue	4	4	3	4	–	–	–	–
Revenue growth	–	–	−25.0%	25.6%	–	–	–	–
Profit	1	−1	−1	−3	–	–	–	–
Margin	28.0%	−34.9%	−38.7%	−82.4%	–	–	–	–
Return on capital	2.2%	−2.8%	−1.4%	−5.5%	–	–	–	–
Assets	68	67	102	91	–	–	–	–
Liabilities	18	15	16	31	–	–	–	–
Capital employed	50	52	86	60	–	–	–	–
Revenue	140	–	145	–	–	–	–	–
Profit	9	–	11	–	–	–	–	–
Margin	6.2%	–	7.6%	–	–	–	–	–
Return on capital	13.9%	–	16.9%	–	–	–	–	–
Assets	151	–	161	–	–	–	–	–
Liabilities	89	–	96	–	–	–	–	–
Capital employed	62	–	65	–	–	–	–	–
Revenue	–	144	–	–	–	–	–	–
Profit	–	3	–	–	–	–	–	–
Margin	–	2.2%	–	–	–	–	–	–
Return on capital	–	4.8%	–	–	–	–	–	–
Assets	–	157	–	–	–	–	–	–
Liabilities	–	90	–	–	–	–	–	–
Capital employed	–	67	–	–	–	–	–	–
	–	–	–	–	0	–	0	0
Profit	–	–	–	–	2	–	0	−1
Assets	–	–	–	–	0	–	0	0
Liabilities	–	–	–	–	0	–	0	0
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Aeroflex Enterprises quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 15 Jun	Mar 2023Filed 26 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
Revenue from operations	91	99	229	225	205	347	466	501	579	698
	87	90	197	210	179	288	411	428	476	576
Materials and goods bought	76	78	158	154	133	230	317	321	332	390
Employee costs	2	–	14	16	16	22	29	37	57	74
Other expenses	9	–	25	40	29	37	65	70	87	113
Operating profit before depreciation	4	9	33	16	26	59	55	73	102	122
Operating margin	4.3%	8.8%	14.3%	7.0%	12.6%	16.9%	11.8%	14.6%	17.7%	17.4%
Materials, % of revenue	83.0%	–	68.9%	68.3%	65.2%	66.2%	68.0%	64.2%	57.4%	55.9%
Employee costs, % of revenue	2.3%	–	6.1%	7.1%	8.0%	6.3%	6.3%	7.3%	9.8%	10.5%
Other expenses, % of revenue	10.4%	–	10.8%	17.6%	14.2%	10.5%	13.9%	14.0%	15.0%	16.1%
Depreciation and amortisation	1	1	5	5	5	6	7	9	15	33
Operating profit after depreciation	3	8	27	11	21	53	48	64	87	89
Other income	2	3	1	4	0	5	16	278	28	28
Finance costs	1	2	12	10	8	7	7	10	6	5
Profit before one-off items and tax	4	9	16	4	12	50	56	332	109	112
One-off items	18	0	0	0	0	0	2	0	0	−1
Profit before tax	22	8	16	4	12	50	58	332	109	111
	1	1	0	0	3	12	13	58	28	25
Current tax	–	–	0	0	3	12	13	58	28	28
Deferred tax	–	–	0	0	0	0	0	0	0	−2
Share of profit of joint ventures and associates	0	0	−1	−1	0	–	–	–	–	–
	21	7	16	3	9	39	45	274	81	85
Belonging to the company's shareholders	–	7	13	3	9	39	45	258	53	64
Belonging to outside owners of subsidiaries	–	–	2	0	1	–	–	16	28	21
Other comprehensive income	–	–	1	2	−1	1	2	1	2	7
Total comprehensive income	–	–	17	5	9	40	47	275	83	92
Net margin	22.8%	7.1%	6.8%	1.2%	4.6%	11.2%	9.7%	54.8%	14.0%	12.2%
Net margin without joint ventures and associates	23.1%	7.3%	7.2%	1.8%	4.6%	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 6 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 15 Jun	Mar 2023Filed 26 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
	158	162	171	212	308	721	823	962
	141	160	168	212	261	648	701	827
Share capital	22	23	23	23	23	23	23	23
Reserves	120	137	145	189	239	626	678	804
Belonging to outside owners of subsidiaries	16	2	3	0	46	72	122	136
	81	66	62	91	105	63	29	41
Repayable after a year	42	38	36	22	28	10	5	14
Repayable within a year	40	28	25	68	77	53	24	27
	88	89	95	142	151	153	128	164
Trade payables	39	45	45	47	53	66	71	102
Other financial liabilities	6	5	11	–	0	0	1	0
Other liabilities	3	10	13	17	15	27	24	28
Provisions	0	0	0	0	0	0	1	2
Tax owed	1	0	0	9	7	7	7	6
	42	38	38	25	32	20	24	29
Other financial liabilities	–	–	0	0	0	6	15	13
Other liabilities	–	0	0	0	–	0	0	–
Provisions	0	0	0	0	0	0	0	1
Deferred tax	0	–	2	3	3	4	4	2
Total assets	287	289	304	379	490	893	975	1,156
	92	92	88	114	146	205	358	458
Plant in use, after depreciation	69	67	67	69	106	138	230	268
Plant being built	–	0	0	13	2	6	10	23
Intangible assets	0	0	0	0	1	1	1	1
Goodwill	8	8	8	11	5	5	38	62
Intangible assets being developed	–	0	0	0	0	0	0	0
Investments	6	6	6	10	13	20	22	27
Stakes in joint ventures and associates	1	0	0	0	0	0	0	0
Loans given	4	7	0	5	14	26	46	53
Other financial assets	2	2	0	1	1	2	7	5
Deferred tax	–	0	0	0	–	0	0	0
Trade receivables	–	0	5	0	0	0	0	0
Other assets	1	2	1	4	4	7	3	18
	196	197	216	265	344	688	617	698
Inventories	31	37	40	55	85	89	131	159
Trade receivables	53	52	54	81	107	148	190	214
Cash and cash equivalents	5	6	10	13	36	86	44	50
Other bank balances	2	1	1	1	11	250	149	96
Loans given	32	26	42	51	54	63	44	102
Other financial assets	1	0	1	2	52	2	2	4
Tax paid in advance	0	0	0	0	–	0	0	0
Other assets	70	75	68	62	–	50	58	72
Net debt	74	59	51	77	58	−273	−164	−105

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 Jun	Mar 2022Filed 15 Jun	Mar 2023Filed 26 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
	19	5	−7	−242	140	18
	20	7	8	−194	166	47
	−5	−55	−63	−279	51	−35
Receivables	−3	−27	−26	−43	−31	−24
Inventories	−3	−15	−30	−4	−16	−29
Payables	0	2	5	13	1	31
Other working capital	1	−15	−12	−245	97	−13
Tax paid	−1	−2	−15	−57	−26	−29
Interest paid	0	0	0	9	0	0
Capital spending	0	0	45	45	104	79
Free cash flow	19	5	−52	−287	36	−61
	−5	−22	−33	207	−83	−23
Plant and property sold	0	0	3	0	7	1
Interest received	0	0	0	0	15	8
	−11	20	58	79	−99	13
Borrowings raised	0	44	27	2	1	4
Borrowings repaid	−5	−14	−16	−50	−35	−5
Interest paid	0	−8	−7	−9	−5	−2
Dividends paid	0	1	3	4	3	6
Shares bought back	0	0	0	0	0	0
Shares issued	0	1	0	0	0	0
Net change in cash	3	3	18	44	−42	8

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Aeroflex Enterprises dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 15 Jun	Mar 2023Filed 26 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
Earnings per share	₹2.97	₹0.65	₹1.44	₹0.25	₹0.83	₹3.42	₹3.98	₹24.25	₹7.14	₹5.68
Diluted earnings per share	₹2.60	₹0.65	₹1.44	₹0.25	₹0.83	₹3.42	₹3.98	₹24.25	₹7.14	₹5.68
Dividend per share	–	–	–	–	–	–	₹0.20	₹0.30	₹0.30	₹0.40
Book value per share	–	–	₹13.07	₹14.14	₹14.86	₹18.72	₹23.11	₹57.33	₹61.96	₹73.11
Dividend payout	–	–	–	–	–	–	5.0%	1.3%	6.4%	7.0%
Shareholder yield	–	–	–	–	0.0%	0.1%	0.4%	0.4%	0.3%	0.9%
Market cap at the year end (₹ crore)	180	395	278	181	208	439	675	985	912	734

Ratios

Consolidated, years to March.Aeroflex Enterprises PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 28 Jun	Mar 2022Filed 15 Jun	Mar 2023Filed 26 May	Mar 2024Filed 10 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
Revenue growth	–	8.2%	131.8%	−1.7%	−9.1%	69.3%	34.5%	7.4%	15.6%	20.6%
Operating profit growth	–	120.4%	277.5%	−51.5%	62.8%	127.3%	−6.6%	33.0%	40.4%	18.7%
Net profit growth	–	−66.5%	122.9%	−82.7%	249.5%	310.2%	16.4%	508.6%	−70.6%	5.7%
Earnings per share growth	–	−78.1%	121.5%	−82.6%	232.0%	312.0%	16.4%	509.3%	−70.6%	−20.4%
	–	–	9.5%	1.7%	5.3%	20.4%	19.1%	56.7%	7.9%	8.4%
	–	–	–	−7.7 pts	3.6 pts	15.0 pts	−1.3 pts	37.7 pts	−48.8 pts	0.5 pts
From the net margin	–	–	–	−7.6 pts	4.7 pts	8.6 pts	−2.7 pts	82.5 pts	−46.6 pts	0.0 pts
From asset turnover	–	–	–	0.0 pts	−0.8 pts	6.6 pts	1.0 pts	−33.0 pts	−1.5 pts	0.5 pts
From borrowing	–	–	–	−0.1 pts	−0.3 pts	−0.1 pts	0.4 pts	−11.8 pts	−0.8 pts	0.1 pts
Return on capital employed	–	–	11.5%	4.6%	8.8%	17.5%	11.6%	8.1%	10.2%	8.8%
Cash conversion	–	–	–	–	202.1%	12.2%	−15.2%	−88.1%	173.0%	21.4%
Interest cover	2.3	4.0	2.2	1.0	2.4	7.2	6.9	6.5	15.6	16.9
Debt to equity	–	–	0.52	0.40	0.36	0.43	0.34	0.09	0.04	0.04
Receivable days	–	–	84	84	95	85	84	108	120	112
Inventory days	–	–	73	89	109	88	98	101	144	149
Payable days	–	–	89	108	123	75	61	75	78	95
Cash conversion cycle, days	–	–	68	65	82	98	121	134	185	166
Working capital days	–	–	223	209	243	186	175	184	202	217
Asset turnover	–	–	0.80	0.78	0.69	1.02	1.07	0.72	0.62	0.66
Assets per rupee of net worth	–	–	2.03	1.92	1.81	1.80	1.84	1.52	1.39	1.40
Sales per rupee of plant	–	–	3.30	3.37	3.08	5.02	4.39	3.62	2.51	2.61
Capital spending to depreciation	–	–	–	–	0.00	0.00	6.28	4.95	6.79	2.39
Plant being built, % of plant in use	–	–	–	0.0%	0.0%	18.9%	1.5%	4.3%	4.3%	8.6%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.0%
Cash from operations against operating profit: 15.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	27.8%	14.4%
Profit growth, yearly rate	–	48.9%	12.5%
Return on equity, average	–	22.5%	24.3%
Return on capital employed, average	–	11.2%	9.1%
Operating margin, average	12.5%	15.7%	16.6%
Net margin, average	14.4%	20.4%	27.0%
Asset turnover, average	–	0.82	0.67
Cash conversion cycle, days, average	–	141	162
Interest cover, average	6.5	10.6	13.0
Debt to equity, average	–	0.19	0.06

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−86	−84	18
Cash from investing	47	101	−23
Cash from financing	71	−7	13
Capital spending	273	228	79
Dividends paid	17	13	6
Shares bought back	0	0	0
Shares issued for cash	1	0	0
Borrowings raised	78	7	4
Borrowings repaid	120	90	5

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	6	5	6	7	5
Altman Z-scorePublished threshold 1.81	–	–	3.44	2.95	2.99	4.08	4.76	6.95	6.16	4.74
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.71	−1.21	−1.79	0.66	−2.10	−2.08
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.42	16.27	19.42	44.73	2.53	8.45
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.18	−0.68	−0.27	−0.19
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	0.01	12.02	−18.20	−2.10	30.91	12.71	−8.04
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	21.28	20.45	−33.64	15.62	3.01	43.76	4.49
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.90	−2.73	−1.84	−2.46	−0.07	1.51	2.32
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	0.00	1.56	0.04	0.14	0.09	0.33
Effective tax ratePublished threshold 17.16 per cent	3.31	13.07	−1.69	−11.37	24.06	23.00	22.71	17.34	25.91	22.87
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	19.38	−2.48	0.11	1.68	−3.22

A threshold marked as ours has no published figure; it is the line we read the check against.