Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 39.4% | 46.3% | 47.9% | 49.6% | 31.9% | 29.3% | 31.7% |
| EBITDA margin % | 2.3% | 9.4% | 16% | 16.6% | 7.2% | -3.9% | 2.1% |
| EBIT margin % | -6.1% | 0.4% | 8.5% | 8.1% | -2.4% | -14.3% | -6.8% |
| PAT margin % | -119.6% | -9.3% | -0.1% | -4.7% | -32.4% | -20% | -10.3% |
| Working capital | |||||||
| Receivable days | 121 | 103 | 91 | 49 | 40 | 60 | 93 |
| Inventory days | 135 | 122 | 94 | 61 | 54 | 64 | 71 |
| Payable days | — | 228 | 191 | 114 | 150 | 170 | 242 |
| NWC days | — | -3 | -6 | -3 | -55 | -46 | -77 |
| Leverage | |||||||
| Current ratio | 0.68 | 0.47 | 0.48 | 0.31 | 0.44 | 0.37 | 0.39 |
| Debt to EBITDA | 33.98 | 8.57 | 3.63 | 3.33 | 5.39 | — | 31.41 |
| Debt to equity | 1.81 | 2.12 | 1.78 | 2.11 | 2.11 | 6.92 | -6.48 |
| Interest coverage | -0.5 | 0.2 | 1.2 | 1.4 | -0.2 | -1.3 | -0.6 |
| Asset turnover | 0.5 | 0.53 | 0.66 | 0.75 | 0.66 | 0.46 | 0.43 |
| Return ratios | |||||||
| Return on assets % | -60.2% | -5% | -0.1% | -3.6% | -21.5% | -9.2% | -4.4% |
| Return on capital employed % | -5.8% | 2.4% | 21.2% | 20.4% | -2.9% | -13.8% | -7.1% |
| Return on equity % | -281.9% | -24.6% | -0.4% | -18% | -176.2% | -223.7% | 101.3% |
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.