Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 45.2% | 39.1% | 36.3% | 50.6% | 20% | — |
| EBITDA margin % | 8.1% | 4% | 6% | 4.4% | -0.7% | -1% | -75.8% | 52.6% |
| EBIT margin % | 5.6% | 0.1% | 2.2% | 1.8% | -3.7% | -6.7% | -93.8% | 12.1% |
| PAT margin % | 1.6% | -3.4% | -1.4% | -1.2% | -5.4% | -9.9% | -72.9% | 7.2% |
| Working capital | ||||||||
| Receivable days | — | — | 86 | 56 | 71 | 136 | 467 | 1,219 |
| Inventory days | — | — | 205 | 158 | 104 | 273 | 567 | 3,513 |
| Payable days | — | — | 207 | 147 | 152 | 421 | 766 | 2,446 |
| NWC days | — | — | 84 | 67 | 23 | -12 | 268 | 2,287 |
| Leverage | ||||||||
| Current ratio | — | — | 1.05 | 1.02 | 0.84 | 0.76 | 1.16 | 1.32 |
| Debt to EBITDA | — | — | 8.77 | 8.41 | — | — | — | 26.32 |
| Debt to equity | — | — | 2.35 | 2.58 | 3.29 | 5.89 | 59.22 | 79.34 |
| Interest coverage | 1.7 | 0.2 | 0.5 | 0.7 | -0.6 | -0.6 | -1.3 | 1 |
| Asset turnover | — | — | 0.9 | 1.24 | 1.26 | 0.63 | 0.15 | 0.06 |
| Return ratios | ||||||||
| Return on assets % | — | — | -1.3% | -1.5% | -6.8% | -6.2% | -10.6% | 0.4% |
| Return on capital employed % | — | — | 5.9% | 9% | -10% | -14.6% | -29.6% | 11.9% |
| Return on equity % | — | — | -6.4% | -8.3% | -46.7% | -71.4% | -894.8% | 41% |
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.