Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 76% | 39.1% | 40.7% | 37.6% | 30.5% | 17% | -15.6% | -45.5% |
| EBITDA margin % | 10% | 7.7% | -16.4% | 6% | -33.5% | -32.3% | -122.6% | -189% |
| EBIT margin % | 9.2% | 6.4% | -19% | 3.8% | -35.6% | -33.6% | -125.5% | -192.7% |
| PAT margin % | 0.9% | 0.5% | -31.2% | -14.6% | -59.4% | -74.3% | -217.4% | -427.1% |
| Working capital | ||||||||
| Receivable days | 457 | 269 | 429 | 218 | 306 | 209 | 289 | 115 |
| Inventory days | 17 | 10 | 25 | 18 | 28 | 0 | 11 | 8 |
| Payable days | 591 | 280 | 640 | 484 | 621 | 430 | 753 | 839 |
| NWC days | -117 | -1 | -185 | -247 | -287 | -221 | -454 | -716 |
| Leverage | ||||||||
| Current ratio | — | — | — | 1 | 1 | 0.92 | 0.75 | 1.57 |
| Debt to EBITDA | 6.56 | 10.3 | — | 25.69 | — | — | — | — |
| Debt to equity | 1.51 | 1.5 | 1.82 | 2.13 | 4.57 | -5.33 | -2.63 | -1.74 |
| Interest coverage | 1.2 | 0.8 | -0.8 | 0.2 | -0.6 | -0.5 | -0.6 | -0.6 |
| Asset turnover | 0.5 | 0.44 | 0.22 | 0.23 | 0.17 | 0.24 | 0.1 | 0.07 |
| Return ratios | ||||||||
| Return on assets % | 0.4% | 0.2% | -6.7% | -3.4% | -9.8% | -17.6% | -21.2% | -30.2% |
| Return on capital employed % | 15.6% | 11.4% | -13.4% | 4.4% | -25% | -45.9% | 134.7% | -22.8% |
| Return on equity % | 2.1% | 1% | -33.4% | -20.2% | -118.7% | 219% | 74.3% | 49.2% |
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.