Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 14.3% | 4.3% | 11.2% | 15.8% | 16.8% | 20.9% | 15.5% |
| EBITDA margin % | 5.2% | 3.6% | -13.4% | -14.3% | -17.5% | 4.7% | 8.5% | 7.4% |
| EBIT margin % | 4.8% | 3.2% | -14.3% | -16% | -19.1% | 3.7% | 7.6% | 6.9% |
| PAT margin % | 2.6% | -6.4% | -30.8% | -80% | -1.3% | 4.1% | 4.2% | 5.1% |
| Working capital | ||||||||
| Receivable days | 224 | 205 | 252 | 413 | 281 | 195 | 225 | 204 |
| Inventory days | 12 | 1 | 2 | 0 | 0 | 0 | 0 | 0 |
| Payable days | — | — | 223 | 424 | 434 | 238 | 318 | 295 |
| NWC days | — | — | 31 | -11 | -153 | -43 | -93 | -91 |
| Leverage | ||||||||
| Current ratio | 1.56 | 1.63 | 1.34 | 1.13 | 2.2 | 2.43 | 2.91 | 2.54 |
| Debt to EBITDA | 10.07 | 14.96 | — | — | — | 17.22 | 7.05 | 4.53 |
| Debt to equity | 0.5 | 0.56 | 0.83 | 1.33 | 0.37 | 0.37 | 0.24 | 0.18 |
| Interest coverage | 1.4 | 0.9 | -0.6 | -0.4 | -0.9 | 1.5 | 2.1 | 2.6 |
| Asset turnover | 0.4 | 0.46 | 0.24 | 0.15 | 0.19 | 0.25 | 0.25 | 0.34 |
| Return ratios | ||||||||
| Return on assets % | 1% | -3% | -7.4% | -11.9% | -0.2% | 1% | 1% | 1.7% |
| Return on capital employed % | 7.6% | 5.4% | -4.2% | -3.8% | -4.4% | 4.4% | 5.5% | 5.2% |
| Return on equity % | 2.4% | -6.5% | -17.9% | -35.7% | -0.5% | 1.9% | 1.6% | 2.8% |
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.