Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 30.3% | 22.9% | 10.1% | 10.1% | 7.8% | 30.9% | 34.8% | 37.5% |
| EBITDA margin % | 8.5% | -44.1% | -41.5% | -56.3% | -54.8% | 7.6% | 17% | 18.7% |
| EBIT margin % | 5.6% | -51.8% | -49.2% | -63.7% | -61.8% | 4.8% | 15.5% | 17.1% |
| PAT margin % | 0.1% | -43% | -38.9% | -52.8% | -54% | -14.5% | 11% | 14.1% |
| Working capital | ||||||||
| Receivable days | 428 | 944 | — | 612 | 461 | 241 | 263 | 363 |
| Inventory days | 206 | 569 | — | 448 | 471 | 276 | 142 | 221 |
| Payable days | 1 | 1 | — | 280 | 257 | 105 | 126 | 136 |
| NWC days | 633 | 1,512 | — | 780 | 676 | 412 | 279 | 448 |
| Leverage | ||||||||
| Current ratio | 1.63 | 1.29 | — | 1.13 | 1.09 | 0.81 | 1.81 | 2.28 |
| Debt to EBITDA | 5.87 | — | — | — | — | 21.45 | 1.76 | 1.32 |
| Debt to equity | 0.33 | 0.29 | — | 0.34 | 0.63 | 1.23 | 0.23 | 0.15 |
| Interest coverage | 1 | -1.3 | -0.8 | -1.3 | -0.5 | 0.9 | 4.9 | 5.6 |
| Asset turnover | 0.36 | 0.13 | — | 0.12 | 0.12 | 0.3 | 0.51 | 0.42 |
| Return ratios | ||||||||
| Return on assets % | 0% | -5.5% | — | -6.1% | -6.7% | -4.4% | 5.6% | 5.8% |
| Return on capital employed % | 5.3% | -10% | — | -10.2% | -4.2% | 5.8% | 18% | 16.2% |
| Return on equity % | 0.1% | -12.7% | — | -12.2% | -13.6% | -11% | 8.5% | 8.6% |
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.