Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 61.8% | 55.8% | 57% | 59.8% | ||||
| 64.3% |
| 62.9% |
| 61.1% |
| 62.6% |
| EBITDA margin % | 2.8% | -0.1% | 2.5% | -4% | -7.3% | -2.8% | -5.1% | 7% |
| EBIT margin % | 0% | -5.5% | -3% | -8.8% | -13.4% | -8.1% | -10.4% | 2.5% |
| PAT margin % | -5.5% | -9.9% | -6.5% | 21.9% | -21% | -12.4% | -19.8% | -20.1% |
| Working capital | ||||||||
| Receivable days | 159 | 98 | 121 | 113 | 95 | 83 | 89 | 72 |
| Inventory days | 235 | 149 | 192 | 181 | 232 | 189 | 175 | 128 |
| Payable days | 13 | 10 | 159 | 147 | 172 | 159 | 164 | 132 |
| NWC days | 381 | 237 | 154 | 147 | 155 | 113 | 100 | 69 |
| Leverage | ||||||||
| Current ratio | 1.07 | 0.9 | 0.76 | 1.08 | 0.87 | 0.75 | 0.7 | 0.48 |
| Debt to EBITDA | 25 | — | 24.87 | — | — | — | — | 9.03 |
| Debt to equity | 1.01 | 1.34 | 1.76 | 0.85 | 1.07 | 1.47 | 1.89 | 17 |
| Interest coverage | 0.1 | -1 | -0.4 | -1.5 | -2.4 | -1.2 | -2.5 | 3.9 |
| Asset turnover | 0.56 | 0.91 | 0.76 | 0.68 | 0.76 | 0.88 | 0.9 | 0.9 |
| Return ratios | ||||||||
| Return on assets % | -3.1% | -9% | -4.9% | 14.9% | -15.9% | -10.9% | -17.9% | -18.1% |
| Return on capital employed % | 0.5% | -9.2% | -5.1% | -12.2% | -16% | -13.7% | -21% | 18.1% |
| Return on equity % | -8% | -28.8% | -18.2% | 34.9% | -44.6% | -38.7% | -82.8% | -539.6% |
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.