Consolidated figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | — | — | — | — | — |
| EBITDA margin % | 18.4% | 14.1% | 23% | 23.5% | 21% | 5.9% | 21.8% | 30.4% |
| EBIT margin % | 6.2% | 2.2% | 6.4% | 11.2% | 10.9% | -6.8% | 7.8% | 16.4% |
| PAT margin % | -2% | -1.3% | -2.2% | -5.1% | 4.2% | -12.4% | -12.7% | 6.5% |
| Working capital | ||||||||
| Receivable days | 56 | 59 | 32 | 49 | 49 | 37 | 42 | 36 |
| Inventory days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 33 | — | 38 | 32 | 22 | 25 | 42 | 41 |
| NWC days | 23 | — | -6 | 17 | 27 | 12 | 1 | -5 |
| Leverage | ||||||||
| Current ratio | 0.66 | 0.71 | 0.54 | 0.54 | 1.41 | 1.33 | 0.67 | 0.7 |
| Debt to EBITDA | 3.08 | 5.46 | 4.76 | 3.84 | 3.99 | 16.93 | 5.21 | 3.47 |
| Debt to equity | 2.6 | 4.39 | 10.43 | 26.78 | 154.32 | 7.62 | 5.39 | 2.37 |
| Interest coverage | 0.8 | 0.8 | 0.9 | 1.3 | 1.9 | -0.1 | 0.9 | 1.7 |
| Asset turnover | 0.65 | 0.65 | 0.47 | 0.6 | 0.68 | 0.55 | 0.42 | 0.44 |
| Return ratios | ||||||||
| Return on assets % | -1.3% | -0.8% | -1% | -3.1% | 2.9% | -6.9% | -5.4% | 2.8% |
| Return on capital employed % | 8.8% | 8.3% | 10.6% | 21.4% | 21.2% | -0.6% | 12.2% | 25.2% |
| Return on equity % | -9% | -7.4% | -21.1% | -152.1% | 772.4% | -94.7% | -60.4% | 14.4% |
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.