Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 88.7% | 79.2% | 70.8% | 72.2% | 72.6% | 74.7% | 67.7% |
| EBITDA margin % | 16.4% | 11.6% | -4.1% | 23% | 32.2% | 40.6% | 45.7% | 33.4% |
| EBIT margin % | 0% | -7.3% | -27.7% | 7% | 11.7% | 18.2% | 28% | 13.5% |
| PAT margin % | -3.3% | -4.6% | -65.1% | -33.2% | 8.2% | 10.9% | 18% | 10% |
| Working capital | ||||||||
| Receivable days | 186 | 155 | 148 | 150 | 168 | 263 | 261 | 226 |
| Inventory days | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 58 | 468 | 286 | 276 | 161 | 199 | 172 | 141 |
| NWC days | — | — | -138 | -126 | 6 | 63 | 89 | 86 |
| Leverage | ||||||||
| Current ratio | 2.17 | 2.72 | 2.05 | 1.73 | 3.55 | 3.05 | 2.41 | 2.62 |
| Debt to EBITDA | 1.06 | 0.61 | — | 0.74 | 0.55 | 0.64 | 0.77 | 1.46 |
| Debt to equity | 0.09 | 0.04 | 0.04 | 0.1 | 0.08 | 0.11 | 0.2 | 0.23 |
| Interest coverage | 1.1 | -1.6 | -7 | 4.7 | 10.4 | 10.5 | 10.4 | 5.1 |
| Asset turnover | 0.3 | 0.31 | 0.26 | 0.37 | 0.36 | 0.31 | 0.4 | 0.34 |
| Return ratios | ||||||||
| Return on assets % | -1% | -1.4% | -17% | -12.4% | 3% | 3.4% | 7.2% | 3.4% |
| Return on capital employed % | 0.9% | -1.3% | -6.9% | 4.6% | 8.1% | 8.5% | 16.4% | 9.7% |
| Return on equity % | -1.7% | -2.4% | -29.9% | -19.4% | 3.7% | 4.4% | 10.1% | 4.7% |
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.