Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 5.8% | 4.3% | 8.9% | 4.9% | 5% | 2.9% | 0.7% | — |
| EBITDA margin % | 2.1% | 1.6% | 0.8% | -1.2% | 1.5% | 0.4% | -1.9% | 22.4% |
| EBIT margin % | 1.6% | 1.2% | -0% | -2% | 0.9% | -0% | -2.5% | 20.1% |
| PAT margin % | 1% | 0.9% | -0.4% | -4.3% | -0.8% | -1.8% | -5% | 10.2% |
| Working capital | ||||||||
| Receivable days | 85 | 78 | 160 | 94 | 74 | 86 | 115 | 45 |
| Inventory days | 19 | 16 | 33 | 11 | 20 | 6 | 0 | 3 |
| Payable days | 101 | 33 | 38 | 3 | 17 | 30 | 7 | 20 |
| NWC days | 2 | 61 | 155 | 101 | 77 | 61 | 107 | 28 |
| Leverage | ||||||||
| Current ratio | 1.08 | 1.35 | 1.19 | 1.06 | 1.11 | 1.05 | 12.03 | 1.6 |
| Debt to EBITDA | 1.8 | 8.69 | 55.24 | — | 20.75 | 64.22 | — | 1.25 |
| Debt to equity | 0.68 | 2.71 | 4.2 | 8.59 | 9.6 | 12.99 | -26.18 | 0.41 |
| Interest coverage | 1.6 | 1.8 | 1 | -0.3 | 0.7 | 0.5 | -0.6 | 6.5 |
| Asset turnover | 2.7 | 3.15 | 1.37 | 1.96 | 2.53 | 2.39 | 1.92 | 0.53 |
| Return ratios | ||||||||
| Return on assets % | 2.8% | 2.9% | -0.5% | -8.5% | -2% | -4.4% | -9.5% | 5.4% |
| Return on capital employed % | 43.9% | 30.3% | 15.3% | -6.1% | 12.3% | 11.2% | -4.7% | 24.1% |
| Return on equity % | 19% | 18% | -3.5% | -114.9% | -24.7% | -83.1% | 522.7% | 14.8% |
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.