Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 36.2% | 43.3% | 33.2% | 26.7% | 31.9% | 46.6% | 49.2% |
| EBITDA margin % | -3.8% | 5.1% | 7.7% | -1.1% | 0.9% | -2.4% | 0.8% |
| EBIT margin % | -20.1% | -2.6% | 3% | -6.4% | -5% | -10.4% | -6.3% |
| PAT margin % | -44.6% | -147.5% | -2.9% | -12.7% | -15.4% | -22% | -20% |
| Working capital | |||||||
| Receivable days | — | 33 | 26 | 18 | 31 | 43 | 31 |
| Inventory days | — | 161 | 96 | 75 | 92 | 160 | 171 |
| Payable days | — | 183 | 99 | 117 | 48 | 76 | 110 |
| NWC days | — | 11 | 23 | -24 | 75 | 127 | 93 |
| Leverage | |||||||
| Current ratio | — | 0.64 | 0.62 | 0.41 | 0.66 | 0.52 | 0.61 |
| Debt to EBITDA | — | 122.93 | 43.08 | — | 534.15 | — | 906.74 |
| Debt to equity | — | -1.37 | -1.36 | -1.28 | -1.32 | -1.26 | -1.21 |
| Interest coverage | -5.5 | -0.1 | 0.6 | -0.8 | -0.4 | -0.4 | -0.3 |
| Asset turnover | — | 0.48 | 0.89 | 0.93 | 0.74 | 0.55 | 0.57 |
| Return ratios | |||||||
| Return on assets % | — | -70.5% | -2.5% | -11.8% | -11.4% | -12.1% | -11.5% |
| Return on capital employed % | — | -1.4% | 5.5% | -9.9% | -6.5% | -6.5% | -4% |
| Return on equity % | — | 32.1% | 1.2% | 4.7% | 4.3% | 4% | 3.5% |
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.