Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 37% | 31.2% | 37% | 40.4% | 28.2% | 26.5% | 32.1% | 44.9% |
| EBITDA margin % | -3.6% | -24.6% | -52.8% | -27.8% | -18.9% | -26% | -20.8% | 8% |
| EBIT margin % | -5.4% | -26.6% | -58.5% | -30.7% | -20.6% | -27.7% | -22.1% | 7% |
| PAT margin % | -6% | -29.2% | -96.6% | -33.4% | -14.2% | -30.2% | -45% | 5.6% |
| Working capital | ||||||||
| Receivable days | — | — | 42 | 9 | 11 | 7 | 37 | 5 |
| Inventory days | — | — | 1,033 | 675 | 384 | 329 | 277 | 249 |
| Payable days | — | — | 172 | 100 | 144 | 123 | 116 | 102 |
| NWC days | — | — | 903 | 585 | 251 | 214 | 198 | 152 |
| Leverage | ||||||||
| Current ratio | — | — | 2.03 | 1.8 | 1.43 | 1.06 | 0.88 | 1.04 |
| Debt to EBITDA | — | — | — | — | — | — | — | 0.42 |
| Debt to equity | — | — | 0.15 | 0.16 | 0.11 | 0.22 | 0.13 | 0.05 |
| Interest coverage | -5.9 | -18.3 | -5.7 | -5.1 | -5.6 | -8.4 | -5.1 | 8.5 |
| Asset turnover | — | — | 0.16 | 0.27 | 0.46 | 0.44 | 0.42 | 0.65 |
| Return ratios | ||||||||
| Return on assets % | — | — | -15.7% | -9% | -6.6% | -13.1% | -18.8% | 3.6% |
| Return on capital employed % | — | — | -9.5% | -8.6% | -12% | -15.7% | -13% | 7% |
| Return on equity % | — | — | -23.1% | -14% | -11.4% | -24.9% | -50.1% | 8.5% |
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.