Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 63.5% | 32.6% | 27.5% | 26.1% | 32.3% | 29.6% | 30% | 30.5% |
| EBITDA margin % | -11.8% | -17.5% | -28.2% | -4.7% | 7.6% | 6.6% | 5.3% | 6% |
| EBIT margin % | -14.4% | -19.3% | -30% | -6.2% | 6.6% | 5.7% | 4.4% | 5.3% |
| PAT margin % | -6.3% | -27.4% | -38.9% | 17.4% | 5.5% | 2.7% | 3.2% | 1.4% |
| Working capital | ||||||||
| Receivable days | 60 | — | 31 | 16 | 23 | 42 | 40 | 52 |
| Inventory days | 159 | — | 73 | 70 | 59 | 44 | 43 | 48 |
| Payable days | — | — | 252 | 227 | 187 | 174 | 171 | 164 |
| NWC days | — | — | -148 | -142 | -104 | -87 | -88 | -64 |
| Leverage | ||||||||
| Current ratio | 0.25 | — | 0.25 | 0.33 | 0.34 | 0.41 | 0.4 | 0.43 |
| Debt to EBITDA | — | — | — | — | 3.45 | 3.2 | 3.75 | 2.82 |
| Debt to equity | -2.06 | — | 2.43 | 1.29 | 1.1 | 1.12 | 0.71 | 0.76 |
| Interest coverage | 0.5 | -1.6 | -2.8 | 3 | 2.2 | 1.6 | 1.3 | 1.7 |
| Asset turnover | 0.62 | — | 0.43 | 0.53 | 0.76 | 0.86 | 0.87 | 0.93 |
| Return ratios | ||||||||
| Return on assets % | -3.9% | — | -16.9% | 9.3% | 4.2% | 2.3% | 2.8% | 1.3% |
| Return on capital employed % | 17.9% | — | -46.3% | 49.9% | 25% | 19% | 13.6% | 18.5% |
| Return on equity % | 20.3% | — | -154.3% | 56.4% | 22.7% | 14.4% | 11.4% | 6.4% |
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.