Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 42.9% | 32.6% | 25.8% | 31.2% | 46.1% | 48.2% |
| EBITDA margin % | -6.3% | -9.1% | -12.2% | 8% | -1% | 1.2% | -0.9% | 0.4% |
| EBIT margin % | -23.3% | -25.8% | -19.8% | 3.3% | -6.3% | -4.7% | -9.1% | -6.9% |
| PAT margin % | 72.9% | 38.6% | -156.8% | -2.6% | -13% | -15.2% | -21.6% | -22.1% |
| Working capital | ||||||||
| Receivable days | 19 | — | 27 | 24 | 16 | 29 | 43 | 32 |
| Inventory days | 36 | — | 151 | 90 | 68 | 85 | 150 | 158 |
| Payable days | — | — | 168 | 91 | 109 | 36 | 60 | 93 |
| NWC days | — | — | 10 | 23 | -24 | 78 | 133 | 96 |
| Leverage | ||||||||
| Current ratio | 0.03 | — | 1.36 | 1.09 | 0.64 | 1.93 | 1.34 | 0.72 |
| Debt to EBITDA | — | — | — | 40.22 | — | 371.15 | — | 1,741.31 |
| Debt to equity | -1.77 | — | -1.4 | -1.4 | -1.31 | -1.35 | -1.29 | -1.24 |
| Interest coverage | -0.1 | -7.4 | -1.5 | 0.6 | -0.8 | -0.4 | -0.4 | -0.4 |
| Asset turnover | 0.17 | — | 0.48 | 0.9 | 0.94 | 0.75 | 0.54 | 0.57 |
| Return ratios | ||||||||
| Return on assets % | 12.8% | — | -75.7% | -2.3% | -12.2% | -11.4% | -11.7% | -12.5% |
| Return on capital employed % | 8.8% | — | -11% | 4.5% | -7.3% | -4.3% | -4.2% | -4.2% |
| Return on equity % | -17.7% | — | 36% | 1.1% | 5.1% | 4.5% | 4.1% | 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.