Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 95% | 91.2% | 92.4% | 87.2% | ||||
| 82.8% |
| 80.8% |
| 78.1% |
| 58.9% |
| EBITDA margin % | 18.2% | 9.8% | -3.8% | 2.4% | -284.1% | 0.1% | -20.3% | -22.3% |
| EBIT margin % | 10.3% | -3.2% | -38% | -22.1% | -304.1% | -24.1% | -47.2% | -37.6% |
| PAT margin % | -10.2% | -35.2% | -89.2% | -10.8% | -228.7% | -2.3% | -3.7% | 0.6% |
| Working capital | ||||||||
| Receivable days | — | — | 72 | 62 | 50 | 47 | 40 | 27 |
| Inventory days | — | — | 365 | 177 | 23 | 852 | 1,540 | 235 |
| Payable days | — | — | 669 | 275 | 34 | 10 | 0 | 0 |
| NWC days | — | — | -232 | -35 | 40 | 889 | 1,579 | 262 |
| Leverage | ||||||||
| Current ratio | — | — | 0.23 | 0.29 | 0.3 | 0.5 | 0.67 | 0.83 |
| Debt to EBITDA | — | — | — | 95.74 | — | 635.8 | — | — |
| Debt to equity | — | — | 0.32 | 0.25 | 0.16 | 0.09 | 0.08 | 0.08 |
| Interest coverage | 0.6 | -0.1 | -0.5 | 0.7 | -16.3 | 0.9 | 0.4 | 16.3 |
| Asset turnover | — | — | 0.05 | 0.06 | 0.09 | 0.08 | 0.07 | 0.14 |
| Return ratios | ||||||||
| Return on assets % | — | — | -4.1% | -0.6% | -20.9% | -0.2% | -0.3% | 0.1% |
| Return on capital employed % | — | — | -1.5% | 1.3% | -20.4% | 0.6% | 0.2% | 1.6% |
| Return on equity % | — | — | -7.8% | -1.2% | -39.4% | -0.3% | -0.5% | 0.1% |
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.