Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 6.4% | 3.4% | 3.2% | 1.7% | 1.7% | 3.5% | 9% | 8.3% |
| EBITDA margin % | -14.2% | -3.3% | 1.8% | 1.6% | -1.9% | 2.2% | 7.8% | 5.1% |
| EBIT margin % | -16.8% | -3.6% | 1.6% | 1.6% | -2% | 1.9% | 7.5% | 4.6% |
| PAT margin % | -11% | 10.8% | 14.7% | -0.5% | -4.3% | -4.6% | 3.3% | 3.3% |
| Working capital | ||||||||
| Receivable days | 361 | 27 | 377 | 31 | 53 | 74 | 82 | 53 |
| Inventory days | 308 | 125 | 370 | 157 | 62 | 107 | 100 | 152 |
| Payable days | 0 | 9 | 5 | 1 | 26 | 41 | 47 | 76 |
| NWC days | 669 | 143 | 742 | 187 | 90 | 140 | 135 | 129 |
| Leverage | ||||||||
| Current ratio | 2.16 | 1.39 | 0.64 | 0.83 | 0.68 | 0.71 | 0.7 | 0.61 |
| Debt to EBITDA | — | — | 120.68 | 99.36 | — | 85.58 | 12.88 | 21.76 |
| Debt to equity | 1.62 | 1.13 | 3.09 | 11.37 | 2.4 | 2.98 | 2.39 | 1.37 |
| Interest coverage | 0.9 | 1.4 | 2.2 | 0.8 | 0.7 | 0.7 | 1.5 | 1.5 |
| Asset turnover | 0.06 | 0.19 | 0.17 | 0.38 | 0.27 | 0.29 | 0.47 | 0.35 |
| Return ratios | ||||||||
| Return on assets % | -0.6% | 2.1% | 2.5% | -0.2% | -1.1% | -1.3% | 1.6% | 1.2% |
| Return on capital employed % | 6.4% | 7.9% | 13.9% | 5% | 3% | 4.9% | 11.4% | 7.2% |
| Return on equity % | -2.5% | 9.3% | 21.2% | -3.8% | -5.8% | -7.3% | 8% | 4.1% |
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.