Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 91% | 93.8% | 92.1% | 89.9% | 87.6% | 83.9% | 86.7% |
| EBITDA margin % | 8.8% | 8.9% | 4.7% | 11.2% | 5.9% | 9.6% | 14.2% | 14.2% |
| EBIT margin % | 7.2% | 7.3% | 3.1% | 9.9% | 4.5% | 8.1% | 11.2% | 13.5% |
| PAT margin % | -0.5% | 2.1% | -7.4% | 3.7% | -0.3% | 6.8% | 2% | 4.2% |
| Working capital | ||||||||
| Receivable days | 133 | 179 | 199 | 72 | 81 | 115 | 156 | 207 |
| Inventory days | 95 | 201 | 344 | 209 | 179 | 183 | 52 | 92 |
| Payable days | — | 10 | 2,185 | 1,317 | 1,105 | 1,035 | 847 | 1,405 |
| NWC days | — | 369 | -1,642 | -1,036 | -845 | -738 | -640 | -1,106 |
| Leverage | ||||||||
| Current ratio | 0.74 | 0.75 | 0.97 | 1.05 | 1.09 | 1.16 | 1.21 | 1.14 |
| Debt to EBITDA | 5.13 | 3.58 | 11.59 | 1.5 | 9.18 | 3.17 | 2.12 | 1.8 |
| Debt to equity | -3.39 | -3.94 | -3.44 | -2.72 | -7.41 | -12.62 | 1.85 | 0.48 |
| Interest coverage | 1 | 0.9 | 0.3 | 1.2 | 0.5 | 0.9 | 1.3 | 1.4 |
| Asset turnover | 0.67 | 0.77 | 0.65 | 0.75 | 0.75 | 0.77 | 0.69 | 0.47 |
| Return ratios | ||||||||
| Return on assets % | -0.3% | 1.6% | -4.8% | 2.8% | -0.2% | 5.3% | 1.4% | 1.9% |
| Return on capital employed % | 21% | 33.9% | 15% | 29.5% | 8.2% | 15% | 23.5% | 17.9% |
| Return on equity % | 3.5% | -26% | 46.3% | -60.6% | 3.9% | -283.8% | 12.4% | 7.8% |
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.