Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 3% | 2.8% | 12.3% | 12.4% | 22.7% | 13.9% | 6.9% | 5.4% |
| EBITDA margin % | -3.5% | -10.8% | 0.7% | 1% | 4.9% | 6.9% | 2.9% | -0.1% |
| EBIT margin % | -3.6% | -11% | 0.1% | 0.6% | 4.2% | 6.3% | 2.4% | -0.4% |
| PAT margin % | -2.5% | -7.7% | 3.4% | 4.1% | 4.3% | 0.3% | 3.3% | 1.1% |
| Working capital | ||||||||
| Receivable days | 127 | 116 | 329 | 159 | 261 | 281 | 251 | 140 |
| Inventory days | 51 | 38 | 169 | 68 | 85 | 27 | 33 | 5 |
| Payable days | 88 | 78 | 161 | 11 | 21 | 19 | 13 | 10 |
| NWC days | 90 | 76 | 336 | 217 | 326 | 289 | 271 | 135 |
| Leverage | ||||||||
| Current ratio | 1.6 | 1.39 | 1.43 | 1.22 | 3.19 | 5.11 | 6.86 | 8.3 |
| Debt to EBITDA | — | — | 109.99 | 36.86 | 5.24 | 1.06 | 1.15 | — |
| Debt to equity | 0.23 | 0.28 | 0.39 | 0.32 | 0.11 | 0.03 | 0.01 | 0 |
| Interest coverage | -0.8 | -4.2 | 1.6 | 3.3 | 2.6 | 13.2 | 9.2 | 11.1 |
| Asset turnover | 0.91 | 0.79 | 0.21 | 0.38 | 0.35 | 0.32 | 0.38 | 0.48 |
| Return ratios | ||||||||
| Return on assets % | -2.3% | -6% | 0.7% | 1.6% | 1.5% | 0.1% | 1.3% | 0.5% |
| Return on capital employed % | -2.7% | -13.4% | 5.2% | 7.4% | 3.3% | 4.1% | 1.8% | 1.4% |
| Return on equity % | -5.1% | -14.4% | 1.7% | 3.6% | 1.8% | 0.1% | 1.4% | 0.5% |
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.