Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 23.2% | 21.7% | 26.5% | 18% | 47.5% | -63.4% | 41.3% |
| EBITDA margin % | 10.1% | -2% | 1% | 4.3% | -64.6% | 3.1% | -194.4% | -33.8% |
| EBIT margin % | 9.8% | -2.3% | 0.8% | 4.1% | -64.8% | 2.9% | -194.6% | -35.3% |
| PAT margin % | -9.8% | -25.7% | -2.7% | -1.6% | -60.3% | 1% | -252.1% | 92.2% |
| Working capital | ||||||||
| Receivable days | 103 | 39 | 91 | 107 | 163 | 182 | 112 | 1,752 |
| Inventory days | 2,442 | 2,309 | 2,307 | 2,522 | 1,966 | 3,813 | 678 | 26,063 |
| Payable days | 499 | 601 | 680 | 834 | 697 | 1,600 | 533 | 24,329 |
| NWC days | 2,046 | 1,746 | 1,718 | 1,796 | 1,432 | 2,395 | 257 | 3,487 |
| Leverage | ||||||||
| Current ratio | 0.9 | 0.87 | 0.85 | 0.84 | 0.8 | 0.79 | 0.55 | 0.53 |
| Debt to EBITDA | 2.54 | — | 46.46 | 10.4 | — | 13.81 | — | — |
| Debt to equity | 0.37 | 0.58 | 1.74 | 1.59 | -1.34 | -1.09 | -0.11 | -0.06 |
| Interest coverage | 0.8 | -0 | 0.7 | 0.8 | -26.6 | 1.2 | -125.2 | 2.1 |
| Asset turnover | 0.11 | 0.14 | 0.13 | 0.12 | 0.13 | 0.1 | 0.2 | 0.01 |
| Return ratios | ||||||||
| Return on assets % | -1.1% | -3.5% | -0.4% | -0.2% | -7.7% | 0.1% | -50.9% | 1.3% |
| Return on capital employed % | 7.6% | -0.6% | 16% | 20.2% | -1,380.4% | -9.9% | 69.6% | -0.1% |
| Return on equity % | -14.2% | -97.1% | -10.4% | -5.8% | 199.1% | -2.6% | 89.7% | -2% |
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.