Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 39.6% | 23.4% | 22.8% | 20% | 19.7% | 20.4% | 23.8% | 35.6% |
| EBITDA margin % | -0.3% | -10.9% | -14.9% | -9.6% | -9.7% | -13.2% | -11.1% | 4.6% |
| EBIT margin % | -6.9% | -19.2% | -24.3% | -16.9% | -17.4% | -22.1% | -70.8% | 5.7% |
| PAT margin % | -10.1% | -15.7% | -39% | -30.7% | -39.4% | -50.1% | -235.8% | 5.3% |
| Working capital | ||||||||
| Receivable days | — | — | 111 | 86 | 70 | 42 | 75 | 113 |
| Inventory days | — | — | 385 | 279 | 0 | 343 | 569 | 448 |
| Payable days | — | — | 183 | 159 | 189 | 223 | 141 | 118 |
| NWC days | — | — | 313 | 206 | -118 | 162 | 502 | 444 |
| Leverage | ||||||||
| Current ratio | — | — | 0.87 | 0.5 | 0.42 | 0.33 | 1.83 | 2.01 |
| Debt to EBITDA | — | — | — | — | — | — | — | 12.18 |
| Debt to equity | — | — | -10.41 | -4.09 | -2.52 | -1.9 | 1.16 | 0.83 |
| Interest coverage | -1.7 | -3.4 | -1.4 | -1 | -0.8 | -0.7 | -3 | 4.2 |
| Asset turnover | — | — | 0.35 | 0.47 | 0.47 | 0.45 | 0.34 | 0.5 |
| Return ratios | ||||||||
| Return on assets % | — | — | -13.8% | -14.5% | -18.5% | -22.3% | -80.5% | 2.6% |
| Return on capital employed % | — | — | -18.3% | -27.4% | 149.4% | 24% | -39.8% | 7.3% |
| Return on equity % | — | — | 175.6% | 63.6% | 43.3% | 31.8% | -300.5% | 7.9% |
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.