Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 31.8% | 8.8% | 10.9% | 7.1% | ||||
| 5.6% |
| 1.8% |
| — |
| 87.6% |
| EBITDA margin % | -7% | 3% | 1.8% | 2.1% | 1.1% | -3.4% | -5% | 18.7% |
| EBIT margin % | -16.2% | 1.7% | -0.1% | 0.7% | 0.1% | -4.4% | -6.8% | 18.7% |
| PAT margin % | 5.6% | 1% | -2.7% | -0.4% | -1.7% | -6% | -11.8% | 24.6% |
| Working capital | ||||||||
| Receivable days | 0 | 0 | 136 | 102 | 54 | 93 | 82 | 340 |
| Inventory days | 360 | 38 | 49 | 16 | 42 | 14 | 3 | 0 |
| Payable days | 0 | 0 | 153 | 6 | 2 | 1 | — | 1,037 |
| NWC days | 360 | 38 | 32 | 112 | 94 | 106 | — | -696 |
| Leverage | ||||||||
| Current ratio | 0.66 | 0.64 | 0.85 | 1.07 | 1.18 | 0.96 | — | 3.54 |
| Debt to EBITDA | — | 5.43 | 24.07 | 14.91 | 41.8 | — | — | 0 |
| Debt to equity | 1.5 | 1.22 | 2.86 | 3.69 | 5.9 | 10.74 | -0.9 | 0 |
| Interest coverage | 1.5 | 1.7 | 0.4 | 1.1 | 0.4 | 0 | -1.5 | — |
| Asset turnover | 0.37 | 2.37 | 1.02 | 1.68 | 1.84 | 1.48 | 1.42 | 0.12 |
| Return ratios | ||||||||
| Return on assets % | 2.1% | 2.4% | -2.7% | -0.6% | -3.2% | -8.8% | -16.7% | 2.8% |
| Return on capital employed % | 14.9% | 13.3% | 4.1% | 9.2% | 3.8% | 0.2% | — | 3.5% |
| Return on equity % | 6.9% | 7.5% | -18.1% | -4.1% | -23.2% | -108.2% | 530% | 3.7% |
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.