Consolidated figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 16.9% | 34.3% | 43.7% | 33.2% | 25.8% | 20.9% | 15.2% | 1.9% |
| EBITDA margin % | 6.9% | 15.3% | 21.1% | 14% | 16.1% | 17.3% | -2.9% | -4.7% |
| EBIT margin % | 2.8% | 11% | 8.1% | -0.4% | 10.4% | 15% | -5.8% | -7.5% |
| PAT margin % | 15.8% | -1.4% | -21.4% | -32.4% | -4.3% | 11.7% | 17.7% | 6.2% |
| Working capital | ||||||||
| Receivable days | — | — | 33 | 160 | 453 | 139 | 100 | 188 |
| Inventory days | — | — | 293 | 192 | 89 | 21 | 146 | 103 |
| Payable days | — | — | 67 | 232 | 329 | 19 | 70 | 106 |
| NWC days | — | — | 259 | 120 | 213 | 142 | 176 | 185 |
| Leverage | ||||||||
| Current ratio | — | — | 0.35 | 1.41 | 1.14 | 3.13 | 2.14 | 1.91 |
| Debt to EBITDA | — | — | 44.98 | 59.96 | 20.61 | 3.96 | — | — |
| Debt to equity | — | — | 3.48 | 3.29 | 2.09 | 0.55 | 0.38 | 0.28 |
| Interest coverage | 2.3 | 0.9 | 0.3 | 0 | 0.7 | 3.7 | 8.9 | 5.5 |
| Asset turnover | — | — | 0.06 | 0.08 | 0.14 | 0.41 | 0.36 | 0.32 |
| Return ratios | ||||||||
| Return on assets % | — | — | -1.4% | -2.5% | -0.6% | 4.8% | 6.4% | 2% |
| Return on capital employed % | — | — | 0.9% | 0.1% | 2.4% | 8.9% | 15.2% | 4.1% |
| Return on equity % | — | — | -7.8% | -12.7% | -2.7% | 9.3% | 11.9% | 3.6% |
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.