Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 53.2% | 35.4% | 29.7% | 28% | 26.8% | 33.3% | 31.4% | 39.7% |
| EBITDA margin % | -29.8% | -9.8% | 4.4% | 0.9% | 1.6% | -1.3% | -6.8% | -6.8% |
| EBIT margin % | -31.8% | -11.5% | 3.7% | 0.4% | 0.9% | -2.7% | -8.3% | -8.2% |
| PAT margin % | -33.2% | -10.1% | 2.9% | -1.3% | -0.3% | -4.4% | -11.7% | -9.6% |
| Working capital | ||||||||
| Receivable days | 16 | — | 54 | 39 | 73 | 85 | 92 | 81 |
| Inventory days | 97 | — | 66 | 87 | 100 | 154 | 158 | 216 |
| Payable days | 14 | — | 8 | 2 | 1 | 0 | -3 | 4 |
| NWC days | 98 | — | 111 | 124 | 172 | 239 | 253 | 293 |
| Leverage | ||||||||
| Current ratio | 12.72 | — | 1.84 | 1.99 | 1.89 | 1.72 | 1.6 | 1.46 |
| Debt to EBITDA | — | — | 5.48 | 26.9 | 23.17 | — | — | — |
| Debt to equity | 0 | — | 0.95 | 0.88 | 0.92 | 1.13 | 1.15 | 1.41 |
| Interest coverage | -99.9 | -3.9 | 2.2 | 0.5 | 0.9 | 0.2 | -0.5 | -0.3 |
| Asset turnover | 0.94 | — | 1.73 | 1.69 | 1.14 | 0.9 | 0.74 | 0.68 |
| Return ratios | ||||||||
| Return on assets % | -31% | — | 5.1% | -2.2% | -0.3% | -3.9% | -8.7% | -6.5% |
| Return on capital employed % | -23.1% | — | 18% | 4.2% | 7.4% | 2.1% | -5.5% | -3.5% |
| Return on equity % | -35.7% | — | 11.7% | -4.6% | -0.8% | -9.1% | -20.7% | -17.3% |
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.