Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 25.9% | 21.7% | 24.3% | 3.1% | 13.7% | 18.6% | 32.6% | 28.1% |
| EBITDA margin % | 5.5% | -8.3% | -4.4% | -16.3% | -7.9% | -8.9% | 3.9% | -0.8% |
| EBIT margin % | 2.9% | -12.9% | -9.5% | -19.2% | -10.8% | -11.7% | 1.7% | -3% |
| PAT margin % | -1.8% | -17% | -22.5% | -27.7% | -20% | 21.7% | 1.2% | -3% |
| Working capital | ||||||||
| Receivable days | 100 | 136 | 125 | 83 | 78 | 37 | 65 | 62 |
| Inventory days | 167 | 311 | 360 | 109 | 105 | 64 | 109 | 142 |
| Payable days | 123 | 230 | 148 | 69 | 84 | 84 | 98 | 148 |
| NWC days | 144 | 218 | 338 | 124 | 99 | 17 | 76 | 56 |
| Leverage | ||||||||
| Current ratio | 1.16 | 0.93 | 0.77 | 0.51 | 0.39 | 1.26 | 1.23 | 1.12 |
| Debt to EBITDA | 6.26 | — | — | — | — | — | 2.94 | — |
| Debt to equity | 1.12 | 1.33 | 2.49 | -19.45 | -3.07 | 0.01 | 0.15 | 0.16 |
| Interest coverage | 0.5 | -0.8 | -0.6 | -1.9 | -1 | -14.2 | 2.9 | -1.2 |
| Asset turnover | 0.95 | 0.52 | 0.49 | 0.9 | 0.92 | 0.91 | 0.88 | 0.81 |
| Return ratios | ||||||||
| Return on assets % | -1.7% | -8.8% | -11% | -25% | -18.4% | 19.7% | 1.1% | -2.4% |
| Return on capital employed % | 6.9% | -12.5% | -13.7% | -117.1% | 47.5% | -12.4% | 2.5% | -2% |
| Return on equity % | -5.9% | -34.2% | -62.5% | 913% | 85.8% | 28.7% | 1.6% | -3.8% |
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.