Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 65.2% | 61.7% | 60.7% | 59.7% | 51.5% | 51.5% | 48.7% | 50.1% |
| EBITDA margin % | 47.9% | 40% | 45.1% | 36.3% | 25% | 14.7% | 27.8% | 31% |
| EBIT margin % | 37.7% | 28.9% | 31.4% | 21.9% | 11.3% | 1.2% | 15.8% | 20.1% |
| PAT margin % | -36% | -56.5% | 5.7% | -7.4% | -5.3% | -26.2% | 38.9% | -4.4% |
| Working capital | ||||||||
| Receivable days | 122 | 114 | 111 | 156 | 130 | 76 | 73 | 63 |
| Inventory days | 130 | 128 | 102 | 100 | 92 | 92 | 87 | 98 |
| Payable days | 55 | 55 | 49 | 60 | 52 | 43 | 22 | 21 |
| NWC days | 197 | 187 | 165 | 196 | 170 | 125 | 138 | 139 |
| Leverage | ||||||||
| Current ratio | 0.33 | 0.3 | 0.31 | 0.32 | 0.27 | 0.25 | 0.43 | 0.45 |
| Debt to EBITDA | 6.88 | 8 | 5.77 | 8.5 | 11.27 | 16.22 | 7.19 | 6.27 |
| Debt to equity | 1.56 | 2.04 | 1.68 | 1.97 | 1.83 | 1.62 | 0.93 | 0.92 |
| Interest coverage | 1.1 | 0.9 | 1.2 | 0.8 | 0.5 | 0.2 | 0.9 | 1.1 |
| Asset turnover | 0.14 | 0.14 | 0.16 | 0.15 | 0.16 | 0.18 | 0.18 | 0.18 |
| Return ratios | ||||||||
| Return on assets % | -5.1% | -8% | 0.9% | -1.1% | -0.8% | -4.7% | 7.1% | -0.8% |
| Return on capital employed % | 7.6% | 7.3% | 8.2% | 5.5% | 3.8% | 1.7% | 6.5% | 6.1% |
| Return on equity % | -17% | -36% | 3.7% | -4.7% | -3.5% | -17.8% | 18% | -2.1% |
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.