Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 51.9% | 44.5% | ||||
| 49.1% |
| 51.3% |
| 47.5% |
| 51.5% |
| EBITDA margin % | -16.1% | -29.3% | 2.7% | -2.9% | 1% | 2.7% | -2.2% | -13% |
| EBIT margin % | -20.1% | -33.6% | 0.5% | -5.1% | -0.8% | 1.4% | -3.6% | -18% |
| PAT margin % | -25.5% | -21.7% | 1.2% | 0.1% | 1.6% | 1.3% | -3.6% | 2.8% |
| Working capital | ||||||||
| Receivable days | 93 | 46 | 18 | 26 | 16 | 19 | 12 | 31 |
| Inventory days | 48 | 52 | 64 | 54 | 55 | 66 | 54 | 122 |
| Payable days | 90 | — | 106 | 81 | 61 | 83 | 92 | 156 |
| NWC days | 51 | — | -25 | -1 | 9 | 2 | -25 | -4 |
| Leverage | ||||||||
| Current ratio | 0.63 | 0.45 | 0.5 | 0.54 | 0.56 | 0.76 | 0.55 | 0.49 |
| Debt to EBITDA | — | — | 19.02 | — | 39.9 | 13.96 | — | — |
| Debt to equity | 2.22 | 4.99 | 4.66 | 4.54 | 3.54 | 3.59 | 7.56 | 5.7 |
| Interest coverage | 0.1 | -0.7 | 1.1 | 1 | 1.3 | 1.4 | 0.2 | 1.3 |
| Asset turnover | 0.41 | 0.45 | 0.85 | 0.92 | 1.17 | 1.16 | 0.89 | 0.51 |
| Return ratios | ||||||||
| Return on assets % | -10.4% | -9.7% | 1% | 0.1% | 1.8% | 1.6% | -3.2% | 1.4% |
| Return on capital employed % | 1.7% | -8.3% | 10% | 8.7% | 11.8% | 9.7% | 1.1% | 10.1% |
| Return on equity % | -71.6% | -121.1% | 10.9% | 1.3% | 14.7% | 12.6% | -43.9% | 16.1% |
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.