Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 21% | 98% | — | — | — | — | — |
| EBITDA margin % | 216.9% | 1.4% | 62.1% | 22.8% | -51.2% | -297.7% | -110.9% | -158.7% |
| EBIT margin % | 215.7% | 1.2% | 61.2% | 22.2% | -53% | -300.6% | -112.6% | -160.4% |
| PAT margin % | 1.2% | -12.7% | 1.6% | 7.8% | -65% | -330.3% | -163.2% | -203.8% |
| Working capital | ||||||||
| Receivable days | 86 | 30 | 76 | 29 | 68 | 101 | 48 | 27 |
| Inventory days | — | 442 | 75,333 | 2,189 | 3,194 | 2,010 | 2,282 | 1,939 |
| Payable days | — | 0 | 1,635 | 12 | 14 | 11 | 7 | 8 |
| NWC days | — | 471 | 73,774 | 2,206 | 3,248 | 2,100 | 2,322 | 1,958 |
| Leverage | ||||||||
| Current ratio | 1.11 | 1.28 | 1.19 | 1.16 | 1.84 | 1.51 | 1.43 | 1.17 |
| Debt to EBITDA | 13.88 | 172.29 | 14.53 | 38.81 | — | — | — | — |
| Debt to equity | 13.05 | 22.94 | 13.42 | 11.06 | 16.95 | -40.08 | -10.97 | -7.68 |
| Interest coverage | 1 | 0.5 | 1 | 1.2 | -0 | -1 | -0.3 | -1.3 |
| Asset turnover | 0.02 | 0.3 | 0.09 | 0.09 | 0.03 | 0.02 | 0.04 | 0.04 |
| Return ratios | ||||||||
| Return on assets % | 0% | -3.8% | 0.1% | 0.7% | -2.2% | -6.2% | -5.8% | -8.3% |
| Return on capital employed % | 27% | 22.4% | 40.1% | 22.2% | -0.1% | -9.9% | -4.1% | -18.2% |
| Return on equity % | 0.5% | -117.2% | 2.3% | 9.7% | -47.2% | 295.8% | 72.6% | 73.2% |
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.