Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 23.3% | 32.4% | 31.6% | 25% | 26.6% | 27.5% | 27.3% | 32.8% |
| EBITDA margin % | -21.5% | -9.8% | 1.1% | -6.3% | -3% | -10.1% | -9.5% | -3.9% |
| EBIT margin % | -24.5% | -12.9% | -3% | -10% | -5.7% | -12.9% | -12.1% | -7.3% |
| PAT margin % | -28.4% | -11.1% | -15.3% | -17.9% | -7.5% | -13.8% | -13.4% | -11.3% |
| Working capital | ||||||||
| Receivable days | 126 | 76 | 89 | 80 | 81 | 75 | 90 | 88 |
| Inventory days | 118 | 136 | 146 | 130 | 116 | 110 | 112 | 96 |
| Payable days | — | — | 183 | 133 | 102 | 127 | 161 | 166 |
| NWC days | — | — | 52 | 77 | 95 | 58 | 41 | 18 |
| Leverage | ||||||||
| Current ratio | — | — | 0.8 | 1.79 | 1.4 | 1.41 | 1 | 0.88 |
| Debt to EBITDA | — | — | 34.07 | — | — | — | — | — |
| Debt to equity | 0.47 | 0.44 | 0.55 | 0.43 | 0.39 | 0.26 | 0.48 | 0.63 |
| Interest coverage | -2.7 | -2.2 | -0.1 | -1.4 | -1.3 | -4.7 | -3.6 | -1.4 |
| Asset turnover | 0.48 | 0.64 | 0.64 | 0.55 | 0.78 | 0.8 | 0.85 | 0.9 |
| Return ratios | ||||||||
| Return on assets % | -13.8% | -7.1% | -9.9% | -9.9% | -5.8% | -11% | -11.4% | -10.1% |
| Return on capital employed % | — | — | -1% | -9% | -5% | -15.2% | -16.2% | -11.6% |
| Return on equity % | -26.8% | -14% | -22.4% | -18.3% | -10.3% | -18.8% | -25.4% | -25.9% |
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.