Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 71.1% | 76.8% | 84% | 79.2% | ||||
Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 71.1% | 76.8% | 84% | 79.2% | ||||
| 68% |
| 73.3% |
| 80% |
| 79.6% |
| EBITDA margin % | -1.8% | 8.2% | -20.2% | 2.1% | -5.7% | -1.2% | 0.1% | 3.5% |
| EBIT margin % | -8.2% | -1.1% | -37.4% | -9.9% | -14.9% | -10.1% | -6.6% | -2.9% |
| PAT margin % | -10.7% | -32% | -15.4% | -2.7% | -29.9% | -13.1% | -6.3% | -11.8% |
| Working capital | ||||||||
| Receivable days | — | 67 | 92 | 75 | 89 | 95 | 100 | 93 |
| Inventory days | — | 122 | 379 | 178 | 115 | 192 | 156 | 125 |
| Payable days | — | 260 | 737 | 386 | 247 | 276 | 315 | 264 |
| NWC days | — | -71 | -266 | -133 | -43 | 11 | -58 | -46 |
| Leverage | ||||||||
| Current ratio | — | 0.59 | 0.42 | 0.62 | 0.51 | 0.63 | 0.71 | 0.74 |
| Debt to EBITDA | — | 5.44 | — | 44.12 | — | — | 973.5 | 16.81 |
| Debt to equity | — | 0.45 | 0.47 | 0.62 | 0.79 | 0.96 | 0.91 | 1.18 |
| Interest coverage | 0.4 | 1.1 | -2.1 | 1.1 | -0.8 | 0.2 | 1 | 0.8 |
| Asset turnover | — | 0.48 | 0.22 | 0.32 | 0.44 | 0.46 | 0.59 | 0.65 |
| Return ratios | ||||||||
| Return on assets % | — | -15.3% | -3.3% | -0.8% | -13.1% | -6% | -3.7% | -7.6% |
| Return on capital employed % | — | 7.9% | -7.1% | 3.8% | -4% | 1.2% | 7.1% | 6.2% |
| Return on equity % | — | -32.2% | -7.1% | -1.8% | -32.4% | -16.2% | -10.1% | -23.3% |
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.