Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 21.6% | 21.5% | 20.4% | 20.7% | 20.1% | 20.2% | 19.6% | 20.5% |
| EBITDA margin % | 1.9% | 2.2% | 0.3% | 1% | 0.2% | -0.5% | -2.2% | -0.6% |
| EBIT margin % | 0.7% | -3.1% | -5.2% | -4.4% | -5.2% | -6.1% | -9.3% | -5.9% |
| PAT margin % | 0.1% | -5% | -6.8% | -5.3% | -8.6% | -11.4% | -12.4% | -13.9% |
| Working capital | ||||||||
| Receivable days | 7 | — | 4 | 4 | 3 | 4 | 3 | 5 |
| Inventory days | 57 | — | 51 | 52 | 49 | 52 | 39 | 47 |
| Payable days | 66 | — | 63 | 67 | 64 | 75 | 72 | 76 |
| NWC days | -1 | — | -8 | -10 | -12 | -19 | -30 | -24 |
| Leverage | ||||||||
| Current ratio | 1.61 | — | 0.59 | 0.5 | 0.42 | 0.38 | 0.26 | 0.26 |
| Debt to EBITDA | — | — | 32.1 | 15.09 | 151.68 | — | — | — |
| Debt to equity | — | — | 1.37 | 5.83 | -3.6 | -1.76 | -1.4 | -1.35 |
| Interest coverage | 6 | -0.6 | -0.8 | -0.3 | -0.8 | -0.8 | -0.5 | -0.5 |
| Asset turnover | 2.39 | — | 1.56 | 1.47 | 1.51 | 1.38 | 1.52 | 1.29 |
| Return ratios | ||||||||
| Return on assets % | 0.3% | — | -10.5% | -7.8% | -12.9% | -15.7% | -18.8% | -17.9% |
| Return on capital employed % | 8% | — | -8.1% | -2.9% | -11.8% | -15.9% | -15.6% | -31.2% |
| Return on equity % | 0.5% | — | -87.9% | -196.3% | 139.8% | 64% | 37.2% | 27.3% |
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.