Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 69.3% | 68.8% | 54.3% | 49.2% | — | — | — | 83.8% |
| EBITDA margin % | 23.2% | 38.5% | 28% | -12.6% | -18.2% | 65.9% | 54% | 32.2% |
| EBIT margin % | 21% | 36.5% | 26.5% | -14.9% | -18.5% | 63.7% | 52.6% | 30.9% |
| PAT margin % | -485.9% | -128.1% | -88.4% | -793.1% | 9.4% | 14.3% | -15.1% | 3.4% |
| Working capital | ||||||||
| Receivable days | 516 | 485 | 84 | 235 | 78 | 80 | 48 | 17 |
| Inventory days | 121 | 193 | 43 | 0 | 0 | 0 | 2 | 221 |
| Payable days | 2,100 | 2,098 | 310 | 338 | 49 | 50 | 58 | 249 |
| NWC days | -1,462 | -1,421 | -183 | -103 | 29 | 30 | -8 | -12 |
| Leverage | ||||||||
| Current ratio | 0.75 | 0.75 | 0.53 | 0.97 | 4.8 | 0.39 | 2.04 | 1.16 |
| Debt to EBITDA | 93.92 | 63.28 | 12.66 | — | — | 17.1 | 12.68 | 7.78 |
| Debt to equity | -53.03 | -11.45 | 0.53 | 0.07 | 0.13 | 0.09 | 0.16 | 0.18 |
| Interest coverage | 0.3 | 0.5 | 0.5 | -0.1 | 0 | 0.9 | 0.7 | 1.1 |
| Asset turnover | 0.03 | 0.02 | 0.08 | 0 | 0 | 0.01 | 0.02 | 0.05 |
| Return ratios | ||||||||
| Return on assets % | -13.3% | -3.2% | -7% | -2.4% | 0% | 0.1% | -0.3% | 0.2% |
| Return on capital employed % | 1.1% | 1.5% | 1.8% | -0% | 0% | 0.5% | 1.1% | 1.8% |
| Return on equity % | 1,180.7% | 60.2% | -13.1% | -3% | 0% | 0.1% | -0.4% | 0.2% |
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.