Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 60.1% | 64.6% | 67% | 63.5% | ||||
| 70.9% |
| 70.4% |
| 71.6% |
| 72.3% |
| EBITDA margin % | -27.6% | -3.3% | 1% | 2.4% | 1.7% | -9.6% | -32.3% | -24.7% |
| EBIT margin % | -35% | -10.1% | -6.5% | -4.4% | -5.8% | -18.5% | -44.1% | -36% |
| PAT margin % | -35.6% | -8.3% | -4.5% | 286.7% | 5.7% | 14.4% | 218.6% | 8.9% |
| Working capital | ||||||||
| Receivable days | 70 | 67 | 78 | 75 | 86 | 74 | 75 | 94 |
| Inventory days | 264 | 231 | 240 | 154 | 213 | 213 | 317 | 390 |
| Payable days | — | 153 | 149 | 117 | 179 | 238 | 331 | 228 |
| NWC days | — | 145 | 169 | 112 | 120 | 50 | 61 | 257 |
| Leverage | ||||||||
| Current ratio | 1.84 | 1.93 | 3.41 | 17.3 | 8.2 | 4.03 | 3.53 | 8.98 |
| Debt to EBITDA | — | — | 38 | 11.99 | 18.8 | — | — | — |
| Debt to equity | 0.19 | 0.3 | 0.3 | 0.07 | 0.09 | 0.09 | 0.04 | 0 |
| Interest coverage | -6.5 | -1.6 | -0.2 | 1.4 | 4.1 | 4.5 | 9.3 | 7.3 |
| Asset turnover | 0.52 | 0.61 | 0.48 | 0.22 | 0.23 | 0.19 | 0.11 | 0.11 |
| Return ratios | ||||||||
| Return on assets % | -18.5% | -5.1% | -2.1% | 63.3% | 1.3% | 2.7% | 24.4% | 1% |
| Return on capital employed % | -18.4% | -5.8% | -0.4% | 1.4% | 3.2% | 3.6% | 8.2% | 2% |
| Return on equity % | -32.1% | -8.7% | -3.4% | 72.7% | 1.6% | 3.2% | 27.2% | 1.1% |
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.