Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 95.6% | 40.1% | 38.8% | 42% | 25.7% | 44.3% | 54.3% | 43.9% |
| EBITDA margin % | -62.1% | -28.2% | -2% | 8.8% | -7.6% | -0.2% | -4.4% | -30.4% |
| EBIT margin % | -65.4% | -37% | -5.6% | 7.2% | -9.1% | -2% | -6.1% | -34% |
| PAT margin % | -65.4% | -28% | -17.4% | 7.1% | -8.7% | -0.5% | 0.2% | 8.2% |
| Working capital | ||||||||
| Receivable days | 72 | 32 | 57 | 112 | 104 | 151 | 173 | 391 |
| Inventory days | 43 | 32 | 83 | 108 | 62 | 91 | 52 | 73 |
| Payable days | — | — | — | — | 273 | 409 | 604 | 957 |
| NWC days | — | — | — | — | -106 | -167 | -379 | -494 |
| Leverage | ||||||||
| Current ratio | 0.31 | 0.27 | 0.23 | 0.35 | 0.3 | 0.27 | 0.23 | 0.23 |
| Debt to EBITDA | — | — | — | 15.8 | — | — | — | — |
| Debt to equity | -1.08 | -0.9 | -0.9 | -0.94 | -0.86 | -0.84 | -0.84 | -0.88 |
| Interest coverage | -14.6 | -5.1 | 1.8 | 1.9 | -2.3 | 0.8 | 1.2 | 2.3 |
| Asset turnover | 0.78 | 0.56 | 0.57 | 0.85 | 0.98 | 0.79 | 0.75 | 0.35 |
| Return ratios | ||||||||
| Return on assets % | -50.9% | -15.8% | -10% | 6% | -8.5% | -0.4% | 0.1% | 2.8% |
| Return on capital employed % | 48.2% | 10.5% | -2.7% | -6% | 3.3% | -1.1% | -1.3% | -2.8% |
| Return on equity % | 49.7% | 11.3% | 5.4% | -4.8% | 5.6% | 0.3% | -0.1% | -1.8% |
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.