Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 36.5% | 43.7% | 33.8% | 31.2% | 23.8% | 30.4% | 28.2% |
| EBITDA margin % | -6.1% | 0.4% | -4.1% | 6.9% | 10.2% | 3.3% | 11.3% |
| EBIT margin % | -9.2% | -3.3% | -7.8% | 4.8% | 9.2% | 0.9% | 10.2% |
| PAT margin % | -10.1% | 0.7% | -3.2% | 6.8% | 8.8% | 3.5% | 10.3% |
| Working capital | |||||||
| Receivable days | 39 | 41 | 41 | 30 | 17 | 28 | 14 |
| Inventory days | 1,193 | 1,983 | 3,102 | 1,991 | 775 | 2,265 | 1,201 |
| Payable days | 0 | 69 | 68 | 49 | 27 | 73 | 36 |
| NWC days | 1,232 | 1,955 | 3,075 | 1,972 | 765 | 2,219 | 1,179 |
| Leverage | |||||||
| Current ratio | 3.66 | 2.46 | 1.86 | 1.69 | 1.57 | 1.37 | 1.33 |
| Debt to EBITDA | — | 60.11 | — | 6.51 | 1.53 | 14.94 | 2.36 |
| Debt to equity | 0.14 | 0.07 | 0.22 | 0.24 | 0.19 | 0.34 | 0.36 |
| Interest coverage | -0.6 | 1 | -1.1 | 12.3 | 53.6 | 13.9 | 96.2 |
| Asset turnover | 0.25 | 0.18 | 0.12 | 0.19 | 0.39 | 0.15 | 0.27 |
| Return ratios | |||||||
| Return on assets % | -2.6% | 0.1% | -0.4% | 1.3% | 3.5% | 0.5% | 2.8% |
| Return on capital employed % | -0.9% | 1.1% | -0.6% | 3.9% | 11.3% | 3.3% | 14% |
| Return on equity % | -4% | 0.2% | -1% | 3.7% | 10.8% | 2.4% | 13.7% |
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.