Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 59.5% | 65% | 67.8% | 62.7% | 70.9% | 70.4% | 68.5% | 70% |
| EBITDA margin % | -33.1% | -2.4% | 4.7% | 3.9% | 4.5% | -5.6% | -36.9% | -30.8% |
| EBIT margin % | -41.8% | -10.1% | -3.9% | -3.7% | -3.7% | -15.1% | -48.7% | -42.1% |
| PAT margin % | -42.5% | -8.2% | -2% | 344.6% | 9.7% | 16.1% | 254.5% | 12% |
| Working capital | ||||||||
| Receivable days | 71 | 72 | 80 | 77 | 91 | 81 | 85 | 113 |
| Inventory days | 259 | 200 | 209 | 119 | 197 | 207 | 288 | 373 |
| Payable days | — | 172 | 161 | 111 | 195 | 241 | 331 | 235 |
| NWC days | — | 101 | 128 | 84 | 93 | 47 | 43 | 251 |
| Leverage | ||||||||
| Current ratio | 1.65 | 1.78 | 3.38 | 19.81 | 8.69 | 4.41 | 3.66 | 10.59 |
| Debt to EBITDA | — | — | 10.23 | 8.69 | 8.04 | — | — | — |
| Debt to equity | 0.19 | 0.3 | 0.3 | 0.07 | 0.09 | 0.08 | 0.04 | 0 |
| Interest coverage | -6.2 | -1.3 | 0.8 | 1.8 | 4.9 | 5.9 | 10.2 | 9.3 |
| Asset turnover | 0.45 | 0.55 | 0.42 | 0.19 | 0.2 | 0.17 | 0.1 | 0.1 |
| Return ratios | ||||||||
| Return on assets % | -19% | -4.5% | -0.8% | 64.7% | 2% | 2.7% | 24.6% | 1.2% |
| Return on capital employed % | -18.8% | -4.9% | 1.6% | 1.9% | 3.8% | 4.7% | 8.5% | 2.1% |
| Return on equity % | -31.1% | -7.1% | -1.2% | 72.4% | 2.3% | 3.2% | 27.1% | 1.2% |
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.