Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 65.5% | 64.2% | 56.7% | |||||
Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 65.5% | 64.2% | 56.7% | |||||
| 56.2% |
| 54.5% |
| 57.6% |
| 57.2% |
| 62.2% |
| EBITDA margin % | -6.3% | 3.7% | -24.7% | -14.6% | -4.3% | -13.3% | -12.2% | -7.9% |
| EBIT margin % | -11.2% | -14.8% | -48.1% | -29.2% | -14.4% | -26.4% | -23.8% | -22.6% |
| PAT margin % | -12.4% | -15.2% | -29.4% | -12.9% | 9.1% | -25% | -21.3% | -21.7% |
| Working capital | ||||||||
| Receivable days | 39 | 33 | 65 | 62 | 52 | 53 | 44 | 43 |
| Inventory days | 428 | 471 | 648 | 456 | 273 | 353 | 320 | 368 |
| Payable days | 109 | 122 | 196 | 187 | 107 | 202 | 187 | 240 |
| NWC days | 358 | 383 | 517 | 331 | 217 | 204 | 177 | 170 |
| Leverage | ||||||||
| Current ratio | — | — | 1.89 | 1.49 | 2.06 | 1.49 | 1.23 | 1.1 |
| Debt to EBITDA | — | 8.37 | — | — | — | — | — | — |
| Debt to equity | 0.2 | 0.23 | 0.17 | 0.19 | 0.13 | 0.16 | 0.22 | 0.27 |
| Interest coverage | -4.1 | -1.2 | -2.3 | -1.7 | -2.4 | -4.4 | -3.5 | -2.3 |
| Asset turnover | 0.53 | 0.43 | 0.26 | 0.35 | 0.46 | 0.38 | 0.5 | 0.47 |
| Return ratios | ||||||||
| Return on assets % | -6.6% | -6.5% | -7.6% | -4.5% | 4.2% | -9.5% | -10.6% | -10.2% |
| Return on capital employed % | — | — | -6.9% | -3.6% | -5.7% | -10% | -10.6% | -10% |
| Return on equity % | -8.8% | -11.2% | -11.5% | -6.6% | 5.7% | -14.8% | -18.1% | -19.3% |
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.