Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 76.6% | 39.3% | 80.8% | 69.4% | 59.9% | 56.9% | 51.3% | 49.8% |
| EBITDA margin % | 13.5% | -14.8% | -14.8% | -0.1% | -26.7% | 16.5% | 12.4% | 12.2% |
| EBIT margin % | 6.6% | -31.7% | -61.7% | -25.5% | -44.1% | 3.5% | 0.7% | 0.5% |
| PAT margin % | 3.5% | 72.4% | -76.4% | -22% | -41.9% | -30.3% | -13.3% | 18.8% |
| Working capital | ||||||||
| Receivable days | 49 | 41 | 24 | 22 | 23 | 20 | 21 | 19 |
| Inventory days | 41 | 18 | 35 | 39 | 30 | 28 | 26 | 24 |
| Payable days | 52 | 86 | 332 | 218 | 89 | 55 | 45 | 31 |
| NWC days | 38 | -28 | -274 | -157 | -36 | -8 | 2 | 13 |
| Leverage | ||||||||
| Current ratio | 0.88 | 1.57 | 1.84 | 1.9 | 1.68 | 2.18 | 2.32 | 3.53 |
| Debt to EBITDA | 11.41 | — | — | — | — | 8.16 | 10.3 | 4.27 |
| Debt to equity | 2.59 | 0.48 | 0.2 | 0.19 | 0.57 | 0.48 | 0.53 | 0.21 |
| Interest coverage | 1.1 | -1.4 | -1.5 | -1.3 | -3.5 | 4.7 | 0.5 | 0.5 |
| Asset turnover | 0.38 | 0.27 | 0.13 | 0.09 | 0.16 | 0.2 | 0.22 | 0.25 |
| Return ratios | ||||||||
| Return on assets % | 1.3% | 19.4% | -9.9% | -2% | -6.6% | -6% | -2.9% | 4.6% |
| Return on capital employed % | 7.8% | -11% | -7.1% | -1.7% | -7.6% | 3.9% | 1.6% | 1.3% |
| Return on equity % | 5.8% | 43% | -17.5% | -3.5% | -12% | -10.8% | -5.5% | 7.5% |
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.