Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 21.5% | 40.9% | 38.4% | 25.6% | 28.5% | 9.6% | 20.2% | 46.8% |
| EBITDA margin % | 13.8% | 26.5% | 18.1% | 18.3% | 11.4% | -72.3% | -96.8% | -1,153.9% |
| EBIT margin % | 13.7% | 26.2% | 17.5% | 18.1% | 10.9% | -73.1% | -98.1% | -1,160.3% |
| PAT margin % | 0.4% | 6.5% | 7.2% | 11.9% | 2.9% | -93% | -132.9% | -1,206.1% |
| Working capital | ||||||||
| Receivable days | — | 724 | 410 | 299 | 593 | 849 | 758 | 380 |
| Inventory days | — | 72 | 236 | 49 | 269 | 237 | 129 | 0 |
| Payable days | 271 | 539 | 188 | 187 | 310 | 430 | 138 | 677 |
| NWC days | — | 257 | 458 | 161 | 553 | 656 | 749 | -297 |
| Leverage | ||||||||
| Current ratio | — | — | 1.88 | 1.53 | 1.65 | 1.38 | 1.33 | 0.49 |
| Debt to EBITDA | 0.04 | 0.18 | 0.84 | 0.77 | 4.19 | — | — | — |
| Debt to equity | 0.01 | 0.02 | 0.04 | 0.12 | 0.15 | 0.18 | 0.24 | 0.45 |
| Interest coverage | 16 | 12.4 | 2.8 | 7.5 | 1 | -6.1 | -5.5 | -9.2 |
| Asset turnover | 0.65 | 0.29 | 0.22 | 0.54 | 0.21 | 0.15 | 0.13 | 0.03 |
| Return ratios | ||||||||
| Return on assets % | 0.3% | 1.9% | 1.6% | 6.4% | 0.6% | -13.5% | -17.9% | -36.8% |
| Return on capital employed % | — | — | 4.8% | 18.7% | 3.7% | -15.2% | -18% | -51.4% |
| Return on equity % | 0.5% | 2.8% | 2% | 10.4% | 0.9% | -22.3% | -27.9% | -73% |
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.