Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 60.9% | 66.2% | 58.6% | 59.8% | 57.9% | 55.5% | 56.3% | 58.6% |
| EBITDA margin % | 1.6% | -8.8% | 10.7% | 8.4% | 5% | -11.6% | -14.9% | -13.5% |
| EBIT margin % | -14.2% | -30.2% | -5.1% | -4.7% | -6.5% | -23% | -29.2% | -26.4% |
| PAT margin % | -24.6% | -46.3% | 7.1% | -14.5% | -16% | -35.8% | 29.2% | -39% |
| Working capital | ||||||||
| Receivable days | 73 | 62 | 97 | 89 | 85 | 63 | 43 | 41 |
| Inventory days | 354 | 513 | 341 | 276 | 268 | 290 | 305 | 255 |
| Payable days | 321 | 404 | 329 | 220 | 241 | 312 | 272 | 264 |
| NWC days | 105 | 171 | 109 | 145 | 113 | 41 | 77 | 32 |
| Leverage | ||||||||
| Current ratio | 0.44 | 0.34 | 0.53 | 0.58 | 0.61 | 0.55 | 0.93 | 0.77 |
| Debt to EBITDA | 126.45 | — | 16.79 | 19.58 | 27.92 | — | — | — |
| Debt to equity | -76.74 | -29.43 | 93.35 | -12.47 | -6.18 | -2.82 | -5.11 | -2.48 |
| Interest coverage | -0.7 | -1.4 | -0.2 | -0.3 | -0.4 | -1.3 | -1.4 | -1.2 |
| Asset turnover | 0.4 | 0.34 | 0.44 | 0.56 | 0.68 | 0.69 | 0.5 | 0.63 |
| Return ratios | ||||||||
| Return on assets % | -9.8% | -15.6% | 3.1% | -8.1% | -10.9% | -24.5% | 14.7% | -24.4% |
| Return on capital employed % | -10.8% | -23.6% | -3.5% | -4.2% | -7.9% | -42.2% | -38.3% | -31.8% |
| Return on equity % | 952.4% | 533.4% | 365.1% | 110.3% | 71.1% | 64.3% | -78.5% | 53.4% |
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.