Consolidated figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 30.3% | 11.4% | 19.2% | 21.6% | ||||
| 18.4% |
| 19.6% |
| 11.3% |
| 20.2% |
| EBITDA margin % | -9.1% | -14.1% | -2.2% | 6.4% | 5.3% | 6.7% | -1.3% | 10.8% |
| EBIT margin % | -29.4% | -35.7% | -20.1% | -2.9% | -3.1% | -0.4% | -7.5% | 6.7% |
| PAT margin % | -32.6% | -41.7% | -30.9% | -6.2% | -2.9% | -1.2% | 4.3% | 4.8% |
| Working capital | ||||||||
| Receivable days | — | — | 71 | 47 | 62 | 55 | 46 | 34 |
| Inventory days | — | — | 30 | 35 | 38 | 49 | 41 | 45 |
| Payable days | — | — | 26 | 35 | 33 | 43 | 34 | 22 |
| NWC days | — | — | 75 | 47 | 67 | 62 | 53 | 58 |
| Leverage | ||||||||
| Current ratio | — | — | 1.1 | 1.6 | 1.43 | 1.14 | 1.73 | 2.01 |
| Debt to EBITDA | — | — | — | 27.48 | 29.2 | 20.39 | — | 6.24 |
| Debt to equity | — | — | 7.04 | 10.87 | 14.77 | 18.81 | 5.32 | 2.11 |
| Interest coverage | -1.8 | -1.9 | -0.9 | -0.2 | -1.3 | 0.1 | -1.7 | 7.5 |
| Asset turnover | — | 0.3 | 0.27 | 0.5 | 0.58 | 0.65 | 0.76 | 0.95 |
| Return ratios | ||||||||
| Return on assets % | — | -12.5% | -8.3% | -3.1% | -1.7% | -0.8% | 3.3% | 4.5% |
| Return on capital employed % | — | — | -5.6% | -0.9% | -1.5% | 0.1% | -1.8% | 9.2% |
| Return on equity % | — | — | -68.6% | -38.5% | -28% | -16.9% | 22.1% | 14.8% |
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.