Consolidated figures
| Ratio | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross margin % | 51.9% | 44.5% | 49.1% | 51.3% | 47.5% | 51.5% |
| EBITDA margin % | 2.7% | -2.9% | 1% | 2.5% | -2.2% | -13.1% |
| EBIT margin % | 0.5% | -5.1% | -0.8% | 1.1% | -3.6% | -18.1% |
| PAT margin % | 1.2% | 0.1% | 1.2% | 1.1% | -3.7% | 2.7% |
| Working capital | ||||||
| Receivable days | 18 | 26 | 16 | 19 | 12 | 31 |
| Inventory days | 64 | 54 | 55 | 66 | 54 | 122 |
| Payable days | 106 | 81 | 61 | 83 | 92 | 156 |
| NWC days | -25 | -1 | 9 | 2 | -25 | -4 |
| Leverage | ||||||
| Current ratio | 0.5 | 0.54 | 0.56 | 0.75 | 0.55 | 0.52 |
| Debt to EBITDA | 19.12 | — | 40.29 | 15.53 | — | — |
| Debt to equity | 4.26 | 4.17 | 3.41 | 3.56 | 7.51 | 5.7 |
| Interest coverage | 1.1 | 1 | 1.2 | 1.3 | 0.2 | 1.3 |
| Asset turnover | 0.84 | 0.91 | 1.16 | 1.15 | 0.89 | 0.51 |
| Return ratios | ||||||
| Return on assets % | 1% | 0.1% | 1.4% | 1.2% | -3.3% | 1.4% |
| Return on capital employed % | 9.3% | 8.6% | 11% | 9.2% | 1.1% | 10% |
| Return on equity % | 9.7% | 0.9% | 10.9% | 10% | -43.6% | 15.7% |
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.