Consolidated figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 68.3% | — | 98.1% | 66.7% | ||||
| 56.2% |
| 53.7% |
| 63% |
| 52.7% |
| EBITDA margin % | 6.9% | 27.8% | -25.2% | -31.3% | 23.3% | -39.6% | 28.5% | 23.7% |
| EBIT margin % | 6.3% | 26.2% | -26.6% | -33.4% | 22.3% | -40.8% | 27.8% | 23.2% |
| PAT margin % | -4.7% | -22.2% | -45.7% | -67.5% | 9.6% | -33.4% | 11.2% | 25.4% |
| Working capital | ||||||||
| Receivable days | 204 | — | 254 | 468 | 232 | 270 | 271 | 153 |
| Inventory days | 3,023 | — | 1,28,179 | 11,983 | 5,264 | 8,940 | 7,615 | 4,576 |
| Payable days | 363 | — | 13,348 | 1,145 | 477 | 0 | 461 | 259 |
| NWC days | 2,864 | — | 1,15,085 | 11,305 | 5,019 | 9,210 | 7,425 | 4,470 |
| Leverage | ||||||||
| Current ratio | 1.05 | — | 1.09 | 1.03 | 0.99 | 1.25 | 1.92 | 1.96 |
| Debt to EBITDA | 13.56 | — | — | — | 11.6 | — | 6.82 | 7.83 |
| Debt to equity | 0.33 | — | 0.54 | 0.53 | 0.66 | 0.75 | 0.33 | 0.46 |
| Interest coverage | 0.9 | 0.8 | -0.2 | -0.5 | 0.9 | -0 | 1.7 | 2.3 |
| Asset turnover | 0.12 | — | 0.06 | 0.04 | 0.07 | 0.05 | 0.08 | 0.1 |
| Return ratios | ||||||||
| Return on assets % | -0.6% | — | -2.7% | -2.7% | 0.7% | -1.8% | 0.8% | 2.6% |
| Return on capital employed % | 15.6% | — | -1.4% | -2.3% | 5.8% | -0.1% | 9.7% | 10.1% |
| Return on equity % | -1.6% | — | -8.6% | -10% | 2.3% | -6.9% | 1.9% | 6.2% |
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.