Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 38.7% | 32.8% | 32.4% | 22.5% | 23% | 20.3% | 19.8% | 24.1% |
| EBITDA margin % | -0.2% | 0.5% | 6.1% | 5.9% | 6.6% | 5.2% | -0.1% | 5.2% |
| EBIT margin % | -5.2% | -1.6% | 5.5% | 5.4% | 6.1% | 4.7% | -0.4% | 5% |
| PAT margin % | -5% | -68.7% | 0.2% | 2.1% | 6.4% | 3.3% | -11.2% | 3.8% |
| Working capital | ||||||||
| Receivable days | 71 | 80 | 85 | 64 | 81 | 96 | 126 | 103 |
| Inventory days | 24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 78 | 197 | 214 | 140 | 133 | 114 | 171 | 119 |
| NWC days | 17 | -117 | -129 | -75 | -52 | -18 | -45 | -17 |
| Leverage | ||||||||
| Current ratio | 1.01 | 0.47 | 0.49 | 0.64 | 1.23 | 1.15 | 0.92 | 1.17 |
| Debt to EBITDA | — | 120.26 | 8.78 | 4.66 | 1.99 | 1.98 | — | 1.88 |
| Debt to equity | 1.41 | -1.6 | -1.75 | -1.77 | -2.26 | -2.27 | -0.74 | -1.33 |
| Interest coverage | 0.6 | 0.7 | 1.2 | 2.2 | 4 | 8.3 | 0.7 | 6.5 |
| Asset turnover | 0.86 | 1.46 | 1.42 | 2.19 | 2.16 | 2.37 | 1.89 | 2.29 |
| Return ratios | ||||||||
| Return on assets % | -4.3% | -100.3% | 0.3% | 4.6% | 13.7% | 7.9% | -21.2% | 8.6% |
| Return on capital employed % | 2.4% | 6% | -69.5% | -563.2% | 40.7% | 57% | 5.8% | 61.6% |
| Return on equity % | -14.8% | 192.7% | -0.7% | -13.7% | -108.7% | -74.2% | 59.5% | -51.2% |
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.