Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 24.4% | 29.8% | 27.3% | 22% | 17.2% | 19.8% | 21% |
| EBITDA margin % | -5.7% | -0.4% | 4.6% | 7.8% | 1.2% | -0.3% | 3.9% | 5.2% |
| EBIT margin % | -10.6% | -4.4% | 2.9% | 7% | 0.4% | -1.2% | 2.9% | 4.3% |
| PAT margin % | -16% | -14.9% | 5.6% | 6.9% | -0.5% | -3.8% | 0.5% | 2.4% |
| Working capital | ||||||||
| Receivable days | 13 | 16 | 19 | 17 | 15 | 29 | 29 | 31 |
| Inventory days | 37 | 57 | 100 | 68 | 76 | 61 | 59 | 61 |
| Payable days | 0 | 126 | 220 | 129 | 130 | 117 | 142 | 141 |
| NWC days | 50 | -53 | -101 | -44 | -39 | -28 | -53 | -49 |
| Leverage | ||||||||
| Current ratio | 0.5 | 0.69 | 0.69 | 0.81 | 0.85 | 0.65 | 0.69 | 0.81 |
| Debt to EBITDA | — | — | 4.05 | 0.97 | 14.39 | — | 5.59 | 4.02 |
| Debt to equity | 2.13 | 1.8 | 1.13 | 0.49 | 1.15 | 2.31 | 1.9 | 1.67 |
| Interest coverage | -1.3 | -0.9 | 1.2 | 4.5 | 0.7 | -0.3 | 1.2 | 2 |
| Asset turnover | 1.07 | 1.43 | 1.19 | 1.9 | 1.57 | 1.44 | 1.49 | 1.5 |
| Return ratios | ||||||||
| Return on assets % | -17% | -21.3% | 6.7% | 13.1% | -0.8% | -5.5% | 0.8% | 3.7% |
| Return on capital employed % | -36.4% | -16.6% | 13.6% | 39.5% | 4.4% | -4.3% | 23.1% | 27.1% |
| Return on equity % | -112.4% | -142.1% | 33.9% | 44.8% | -3.3% | -32.6% | 4.4% | 19.5% |
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.