Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 47.3% | 44.9% | -14.5% | -30% | 12.7% | 39.9% |
| EBITDA margin % | 4.4% | 5.4% | -20.3% | -6.3% | -88.3% | -100.6% | -66.8% | 2.9% |
| EBIT margin % | 1.4% | 2.3% | -25.6% | -13.9% | -94.9% | -104.9% | -70% | 1.5% |
| PAT margin % | 1.3% | -0.2% | -26.4% | -7% | 31.7% | -89.1% | -67.7% | 0.9% |
| Working capital | ||||||||
| Receivable days | — | 46 | 84 | 120 | 63 | 57 | 35 | 6 |
| Inventory days | — | 464 | 1,584 | 2,270 | 865 | 662 | 446 | 199 |
| Payable days | — | 122 | 393 | 520 | 203 | 170 | 210 | 115 |
| NWC days | — | 388 | 1,275 | 1,870 | 724 | 548 | 271 | 89 |
| Leverage | ||||||||
| Current ratio | — | 2.19 | 2.13 | 2.68 | 3.45 | 2.46 | 2.05 | 1 |
| Debt to EBITDA | — | 8.45 | — | — | — | — | — | 11.91 |
| Debt to equity | — | 0.73 | 1.12 | 0.93 | 0.37 | 1.02 | -2.14 | -3.54 |
| Interest coverage | 1.1 | 1.1 | -1.9 | -0.2 | 2.7 | -28 | -141.1 | 65.5 |
| Asset turnover | — | 0.4 | 0.21 | 0.14 | 0.17 | 0.19 | 0.4 | 1.12 |
| Return ratios | ||||||||
| Return on assets % | — | -0.1% | -5.6% | -1% | 5.5% | -17% | -27.4% | 0.9% |
| Return on capital employed % | — | 3.3% | -5.4% | -0.5% | 7.8% | -20.2% | -39.8% | 3.6% |
| Return on equity % | — | -0.4% | -25.7% | -4.4% | 19.3% | -97.1% | 205.8% | -8.8% |
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.