Consolidated figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 14% | 22.2% | 19.8% | 18.5% | — | 18.9% | 18.6% |
| EBITDA margin % | -0.2% | -0.7% | -8.6% | -0.9% | 1.8% | 1.4% | 1% | -0.2% |
| EBIT margin % | -0.7% | -1.3% | -12.4% | -2.5% | 1.2% | 0.8% | 0.1% | -1.1% |
| PAT margin % | 0% | -0.7% | -19.3% | -3.6% | 1.6% | 1.3% | 1.4% | 0.9% |
| Working capital | ||||||||
| Receivable days | 35 | 22 | 53 | 20 | 9 | 28 | 31 | 30 |
| Inventory days | 4 | 4 | 23 | 8 | 3 | 3 | 3 | 3 |
| Payable days | — | 17 | 131 | 75 | 30 | 22 | 24 | 20 |
| NWC days | — | 10 | -55 | -46 | -19 | 8 | 10 | 12 |
| Leverage | ||||||||
| Current ratio | 0.68 | 0.62 | 0.52 | 0.36 | 0.36 | 0.61 | 0.71 | 0.74 |
| Debt to EBITDA | — | — | — | — | 6.01 | 5.15 | 8.93 | — |
| Debt to equity | -0.81 | -0.93 | -0.65 | -1.16 | -1.36 | -1.19 | -1.94 | -1.97 |
| Interest coverage | 1 | 0.6 | -0.7 | 0.2 | 1.8 | 2 | 2.2 | 1.4 |
| Asset turnover | 4.22 | 3.95 | 0.62 | 1.56 | 3.88 | 4.53 | 4.34 | 4.69 |
| Return ratios | ||||||||
| Return on assets % | 0.1% | -2.7% | -12% | -5.7% | 6% | 5.8% | 6% | 4.3% |
| Return on capital employed % | 20.9% | 17.3% | -17.2% | 4.9% | 47.9% | 53.2% | 53.6% | 44.8% |
| Return on equity % | -1.1% | 18.3% | 44% | 16.2% | -19.4% | -21.3% | -31.6% | -26.1% |
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.