Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 88.2% | 61.4% | 63.9% | 59.1% | 64.3% | 62.9% | 61.1% | 62.6% |
| EBITDA margin % | 6% | -2.5% | -1% | -4% | -7.3% | -2.8% | -5.1% | 7% |
| EBIT margin % | 2.9% | -9% | -8.1% | -8.7% | -13.4% | -8.1% | -10.4% | 2.5% |
| PAT margin % | 1.8% | -15% | -12.3% | 26.4% | -9.9% | -8.7% | -18.9% | -14.8% |
| Working capital | ||||||||
| Receivable days | 409 | 103 | 135 | 111 | 95 | 83 | 89 | 89 |
| Inventory days | 1,789 | 171 | 229 | 176 | 232 | 189 | 175 | 128 |
| Payable days | 1,444 | 122 | 202 | 138 | 170 | 159 | 164 | 132 |
| NWC days | 755 | 151 | 162 | 149 | 157 | 113 | 100 | 85 |
| Leverage | ||||||||
| Current ratio | 0.89 | 0.76 | 0.58 | 0.88 | 0.82 | 0.75 | 0.7 | 0.54 |
| Debt to EBITDA | 34.13 | — | — | — | — | — | — | 9.03 |
| Debt to equity | 1.24 | 2.05 | 3.18 | 1.1 | 1.17 | 1.49 | 1.86 | 6.73 |
| Interest coverage | 1.2 | -1.2 | -0.8 | -1.5 | -2.4 | -0.6 | -2.5 | 3.9 |
| Asset turnover | 0.21 | 0.81 | 0.65 | 0.77 | 0.76 | 0.88 | 0.9 | 0.86 |
| Return ratios | ||||||||
| Return on assets % | 0.4% | -12.1% | -8% | 20.4% | -7.5% | -7.7% | -17% | -12.7% |
| Return on capital employed % | 4.6% | -15.3% | -16.2% | -17.9% | -18.6% | -6.6% | -21% | 16.3% |
| Return on equity % | 1.1% | -48.6% | -45.5% | 55.1% | -23% | -27.4% | -77.8% | -157.3% |
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.