Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 24.4% | 29.6% | 26.5% | 21.1% | 17.3% | 21.2% | 23.3% |
| EBITDA margin % | -0.4% | 4.6% | 7.6% | 1% | -1% | 4.2% | 6.4% |
| EBIT margin % | -4.4% | 2.9% | 6.8% | 0.3% | -2% | 3% | 5.4% |
| PAT margin % | -14.9% | 5.6% | 6.7% | -0.6% | -5.3% | 0% | 3.1% |
| Working capital | |||||||
| Receivable days | 16 | 19 | 17 | 14 | 16 | 14 | 18 |
| Inventory days | 57 | 102 | 67 | 73 | 67 | 65 | 65 |
| Payable days | 126 | 221 | 126 | 125 | 120 | 142 | 141 |
| NWC days | -53 | -100 | -43 | -38 | -38 | -63 | -58 |
| Leverage | |||||||
| Current ratio | 0.69 | 0.7 | 0.82 | 0.85 | 0.61 | 0.62 | 0.75 |
| Debt to EBITDA | — | 4.02 | 1.05 | 20.72 | — | 6.33 | 3.63 |
| Debt to equity | 1.8 | 1.13 | 0.54 | 1.51 | 3.58 | 3.06 | 2.18 |
| Interest coverage | -1 | 1.2 | 4.5 | 0.6 | -0.5 | 1 | 2.2 |
| Asset turnover | 1.43 | 1.19 | 1.92 | 1.51 | 1.33 | 1.45 | 1.51 |
| Return ratios | |||||||
| Return on assets % | -21.3% | 6.6% | 12.8% | -0.9% | -7% | 0% | 4.6% |
| Return on capital employed % | -15.4% | 13.7% | 38.9% | 3.4% | -7.2% | 20.1% | 31.4% |
| Return on equity % | -142.6% | 34% | 44.8% | -4.3% | -55.3% | 0.4% | 28.9% |
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.