Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 85.9% | 85.5% | 84.3% | 83.5% | ||||
| 85.9% |
| 87.8% |
| 89% |
| 89.7% |
| EBITDA margin % | 30% | 21.7% | -27.5% | 4.6% | 21.3% | 24.3% | 26.4% | 13.3% |
| EBIT margin % | 23% | 14.6% | -50.7% | -14.6% | 12.2% | 17% | 19.5% | 8.1% |
| PAT margin % | -12% | -25% | -957.8% | -95.6% | -33.2% | -29.4% | 58.9% | -30% |
| Working capital | ||||||||
| Receivable days | 22 | 18 | 72 | 31 | 23 | 21 | 19 | 23 |
| Inventory days | 106 | 103 | 187 | 97 | 93 | 114 | 138 | 93 |
| Payable days | 588 | 818 | 3,000 | 1,601 | 866 | 998 | 355 | 489 |
| NWC days | -460 | -697 | -2,741 | -1,474 | -750 | -863 | -198 | -374 |
| Leverage | ||||||||
| Current ratio | 0.28 | 0.2 | 0.08 | 0.07 | 0.1 | 0.23 | 0.09 | 0.6 |
| Debt to EBITDA | 11.1 | 16.76 | — | 177.96 | 19.89 | 14.53 | 6.55 | 7.37 |
| Debt to equity | 1.29 | 1.43 | 2.58 | 4.32 | 6.66 | 14.05 | 2.1 | 0.36 |
| Interest coverage | 0.6 | 0.4 | -0.4 | -0.1 | 0.3 | 0.4 | 0.5 | 0.5 |
| Asset turnover | 0.15 | 0.14 | 0.05 | 0.08 | 0.16 | 0.18 | 0.21 | 0.2 |
| Return ratios | ||||||||
| Return on assets % | -1.8% | -3.5% | -44% | -8% | -5.4% | -5.1% | 12.1% | -6% |
| Return on capital employed % | 4.2% | 3.4% | -2.6% | -1.3% | 3.2% | 6% | 10.6% | 4.1% |
| Return on equity % | -4.6% | -9.8% | -187.1% | -50.5% | -52.2% | -116.8% | 71.4% | -11.1% |
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.