Consolidated figures
| Ratio | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Margins | ||||
| Gross margin % | 31% | 19.3% | 38.3% | — |
| EBITDA margin % | 19.6% | 12.9% | ||
| 31.5% |
| 15.4% |
| EBIT margin % | 11.6% | 9.5% | 23.6% | 12.9% |
| PAT margin % | 8.7% | 9.2% | 18.8% | 20.7% |
| Working capital | ||||
| Receivable days | 9 | 92 | 64 | 2 |
| Inventory days | 2,728 | 867 | 2,405 | 357 |
| Payable days | 60 | 33 | 36 | 4 |
| NWC days | 2,677 | 927 | 2,433 | 355 |
| Leverage | ||||
| Current ratio | 1.36 | 1.12 | 1.13 | 1.49 |
| Debt to EBITDA | 17.91 | 11.78 | 8.01 | 4.51 |
| Debt to equity | 0.68 | 0.68 | 0.75 | 0.43 |
| Interest coverage | 4.4 | 2.4 | 3.4 | 6.8 |
| Asset turnover | 0.08 | 0.17 | 0.1 | 0.34 |
| Return ratios | ||||
| Return on assets % | 0.7% | 1.6% | 1.8% | 7% |
| Return on capital employed % | 2.4% | 7.4% | 9.9% | 20% |
| Return on equity % | 1.7% | 4.1% | 5.6% | 12.9% |
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.