Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 15.9% | 10% | 13.5% | 15.5% | 11.5% | 14.3% | 12% |
| EBITDA margin % | -1.2% | -5.3% | -0.1% | 5.5% | 2.3% | 2.5% | 2.5% |
| EBIT margin % | -1.7% | -6.5% | -0.4% | 5.1% | 1.9% | 2% | 2.1% |
| PAT margin % | -2.3% | -10.6% | 0.7% | 3.5% | 1% | 0.9% | 1.7% |
| Working capital | |||||||
| Receivable days | 40 | 114 | 67 | 100 | 87 | 42 | 72 |
| Inventory days | 5 | 80 | 17 | 15 | 10 | 22 | 45 |
| Payable days | — | 56 | 11 | 8 | 12 | 14 | 28 |
| NWC days | — | 138 | 73 | 106 | 86 | 50 | 88 |
| Leverage | |||||||
| Current ratio | — | 0.97 | 1.06 | 1.17 | 1.26 | 1.56 | 1.04 |
| Debt to EBITDA | — | — | — | 5.59 | 9.1 | 5.37 | 10.75 |
| Debt to equity | 2.29 | 5.04 | 9.22 | 5.02 | 2.69 | 1.17 | 2.58 |
| Interest coverage | 0.4 | -1.5 | 1.8 | 4.1 | 1.5 | 1.7 | 3 |
| Asset turnover | 1.11 | 0.72 | 2.43 | 2.46 | 2.86 | 3.27 | 2.07 |
| Return ratios | |||||||
| Return on assets % | -2.5% | -7.6% | 1.8% | 8.5% | 2.7% | 2.9% | 3.4% |
| Return on capital employed % | — | -16.1% | 29.3% | 110.2% | 33.3% | 27.5% | 31.7% |
| Return on equity % | -11.8% | -69.9% | 20.5% | 57% | 12.3% | 7.7% | 15.9% |
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.