Consolidated figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 57.7% | 58.1% | 60.8% | 58.1% | 58.4% | 62.4% | 66.4% |
| EBITDA margin % | 4.2% | -2.3% | 9.2% | 3.8% | 1.4% | 13.1% | 19.3% |
| EBIT margin % | -3.7% | -11.4% | 1.6% | -5.7% | -6.6% | 5.8% | 12.6% |
| PAT margin % | -1.5% | 25.4% | -8.6% | -23.4% | -16.9% | -1.9% | 5.9% |
| Working capital | |||||||
| Receivable days | 21 | 17 | 14 | 110 | 81 | 80 | 64 |
| Inventory days | 28 | 35 | 29 | 216 | 201 | 234 | 286 |
| Payable days | 1 | 31 | 35 | 285 | 240 | 191 | 182 |
| NWC days | 47 | 22 | 7 | 41 | 41 | 123 | 168 |
| Leverage | |||||||
| Current ratio | 0.69 | 0.78 | 0.76 | 0.56 | 0.74 | 1.21 | 1.61 |
| Debt to EBITDA | 2.38 | — | 0.82 | 18.68 | 54.15 | 4.73 | 3.26 |
| Debt to equity | 0.8 | 0.69 | 0.48 | 0.56 | 0.63 | 0.43 | 0.43 |
| Interest coverage | -0.2 | -0.7 | 0.2 | -0.1 | -0.3 | 0.9 | 2.5 |
| Asset turnover | 2.63 | 2.55 | 2.97 | 0.35 | 0.37 | 0.37 | 0.39 |
| Return ratios | |||||||
| Return on assets % | -4% | 64.7% | -25.7% | -8.1% | -6.2% | -0.7% | 2.3% |
| Return on capital employed % | -10.7% | -28.2% | 10.9% | -1.1% | -2.2% | 4.3% | 8.2% |
| Return on equity % | -12.3% | 149% | -55% | -18.5% | -14.1% | -1.3% | 4% |
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.