Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 34.4% | 27.1% | ||||
| 31.2% |
| 35.3% |
| 28.8% |
| 34.6% |
| EBITDA margin % | 4% | 5.5% | 6.1% | -7.2% | -4.8% | 1.4% | -1.5% | 1.3% |
| EBIT margin % | 1.3% | 2.3% | 2.9% | -9.7% | -7.6% | -0.7% | -2.9% | 0.1% |
| PAT margin % | -1.8% | -1.5% | -0.9% | -13.4% | -12.1% | -5% | -5% | 0.1% |
| Working capital | ||||||||
| Receivable days | 99 | 121 | 141 | 101 | 80 | 74 | 71 | 75 |
| Inventory days | 34 | 52 | 87 | 52 | 64 | 68 | 50 | 55 |
| Payable days | 49 | 44 | 75 | 52 | 55 | 90 | 77 | 95 |
| NWC days | 84 | 129 | 152 | 101 | 89 | 52 | 44 | 34 |
| Leverage | ||||||||
| Current ratio | 1 | 0.98 | 1.1 | 1.12 | 0.73 | 0.62 | 0.53 | 0.59 |
| Debt to EBITDA | 7.07 | 7.55 | 8.19 | — | — | 37.3 | — | 42.44 |
| Debt to equity | 3.43 | 4.76 | 5.29 | 68.12 | -4.5 | -3.2 | -2.61 | -2.62 |
| Interest coverage | 0.5 | 0.7 | 0.7 | -2.1 | -1.4 | -0.1 | -0.5 | 0.2 |
| Asset turnover | 1.75 | 1.42 | 1.25 | 1.54 | 1.59 | 1.68 | 1.79 | 1.77 |
| Return ratios | ||||||||
| Return on assets % | -3.1% | -2.1% | -1.1% | -20.6% | -19.2% | -8.3% | -9% | 0.3% |
| Return on capital employed % | 8.8% | 13.1% | 15.7% | -37.1% | -34% | -4.5% | 58% | -150% |
| Return on equity % | -21.4% | -16.6% | -9.1% | -2,016.7% | 105.4% | 30.5% | 23.7% | -0.7% |
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.