Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 42.3% | 47.5% | 44.7% | 39.5% | 37.1% | 52.5% | 27.1% | — |
| EBITDA margin % | 7.4% | 2.9% | 5.6% | 4.4% | -0.5% | -0.5% | -54.9% | 27.1% |
| EBIT margin % | 5% | -0.9% | 2% | 1.8% | -3.5% | -6.1% | -68.6% | 7.6% |
| PAT margin % | -0.1% | 0.3% | -1.5% | -1.4% | -5.3% | -9.7% | -54.7% | -0.1% |
| Working capital | ||||||||
| Receivable days | — | — | 61 | 46 | 50 | 94 | 217 | 412 |
| Inventory days | — | — | 212 | 168 | 118 | 319 | 590 | 1,280 |
| Payable days | — | — | 203 | 159 | 154 | 433 | 717 | 900 |
| NWC days | — | — | 71 | 55 | 14 | -21 | 90 | 792 |
| Leverage | ||||||||
| Current ratio | — | — | 0.99 | 0.97 | 0.79 | 0.71 | 1.04 | 1.19 |
| Debt to EBITDA | — | — | 9.18 | 8.32 | — | — | — | 23.19 |
| Debt to equity | — | — | 2.91 | 3.07 | 4.29 | 9.54 | -29.19 | -26.41 |
| Interest coverage | 1.5 | -0.1 | 0.5 | 0.7 | -0.6 | -0.5 | -1.2 | 1 |
| Asset turnover | — | — | 0.96 | 1.27 | 1.32 | 0.65 | 0.19 | 0.11 |
| Return ratios | ||||||||
| Return on assets % | — | — | -1.4% | -1.7% | -6.9% | -6.4% | -10.5% | -0% |
| Return on capital employed % | — | — | 6.2% | 10.4% | -10.7% | -15.4% | -31.6% | 13.2% |
| Return on equity % | — | — | -8.6% | -11.4% | -60.3% | -112.5% | 425.6% | 0.4% |
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.