Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross margin % | 52.1% | 43.3% | 42.1% | 45.6% | 48.9% | 53% |
| EBITDA margin % | 7.7% | -2.8% | -3.7% | 7.4% | 11.5% | 15.2% |
| EBIT margin % | 0.8% | -12.2% | -12.3% | 0.3% | 6% | 10.7% |
| PAT margin % | -10.5% | -34.3% | -59.2% | -35.2% | -21.5% | -17.6% |
| Working capital | ||||||
| Receivable days | — | 46 | 36 | 26 | 24 | 35 |
| Inventory days | — | 241 | 160 | 153 | 144 | 147 |
| Payable days | — | 179 | 123 | 115 | 109 | 105 |
| NWC days | — | 107 | 73 | 63 | 59 | 78 |
| Leverage | ||||||
| Current ratio | — | 0.5 | 1.15 | 0.95 | 1.07 | 1.41 |
| Debt to EBITDA | — | — | — | 21.67 | 13.63 | 10.22 |
| Debt to equity | — | -19.42 | -3.67 | -2.44 | -1.74 | -1.93 |
| Interest coverage | 0.1 | -0.6 | -0.4 | 0 | 0.2 | 0.4 |
| Asset turnover | — | 0.6 | 0.68 | 0.95 | 1.13 | 1.25 |
| Return ratios | ||||||
| Return on assets % | — | -20.5% | -40.3% | -33.5% | -24.3% | -22% |
| Return on capital employed % | — | -20.2% | -13.7% | 1.5% | 10.9% | 22.9% |
| Return on equity % | — | 509.1% | 124.3% | 53.8% | 23.9% | 21.9% |
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.