Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 30.4% | 23.8% | 19.7% | 21.7% | 23.1% | 32.6% | 39.8% |
| EBITDA margin % | 5.4% | 4.5% | -6.1% | -18.3% | -14.2% | -6.7% | 20.4% |
| EBIT margin % | 2.6% | 3% | -7.8% | -19.5% | -15.5% | -8.1% | 19.5% |
| PAT margin % | 3.5% | 2.1% | -11% | -24.5% | -10.5% | 19.4% | 19.9% |
| Working capital | |||||||
| Receivable days | 198 | 242 | 334 | 397 | 382 | 409 | 219 |
| Inventory days | 49 | 29 | 14 | 23 | 25 | 46 | 71 |
| Payable days | 188 | 158 | 180 | 205 | 210 | 271 | 264 |
| NWC days | 59 | 113 | 167 | 215 | 197 | 184 | 27 |
| Leverage | |||||||
| Current ratio | 1.25 | 1.22 | 1.15 | 1.04 | 0.97 | 1.13 | 1.34 |
| Debt to EBITDA | 2.38 | 2.08 | — | — | — | — | 0 |
| Debt to equity | 0.34 | 0.32 | 0.43 | 1.25 | 1.48 | 0 | 0 |
| Interest coverage | 3.8 | 3 | -0.8 | -4.3 | -1.7 | -0.5 | 16.5 |
| Asset turnover | 0.73 | 0.84 | 0.76 | 0.63 | 0.63 | 0.52 | 0.59 |
| Return ratios | |||||||
| Return on assets % | 2.5% | 1.8% | -8.4% | -15.4% | -6.6% | 10.1% | 11.8% |
| Return on capital employed % | 16.7% | 17.4% | -6.4% | -41.5% | -34.6% | -4.3% | 66% |
| Return on equity % | 9.2% | 7.3% | -42.7% | -189.5% | -249% | 64.1% | 43.4% |
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.