Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | — | — | — | — | — |
| EBITDA margin % | -66.5% | -95.9% | 3.1% | -31% | -52.5% | -72.7% | -76.8% | -16.3% |
| EBIT margin % | -116% | -159.1% | -64.4% | -101.9% | -135.7% | -162.7% | -172.3% | -79.1% |
| PAT margin % | -170.6% | -240.6% | -188.8% | -243.3% | -337.8% | -453.3% | -528.4% | -349.7% |
| Working capital | ||||||||
| Receivable days | 111 | 147 | 214 | 226 | 244 | 249 | 316 | 126 |
| Inventory days | 3 | 2 | 3 | 2 | 1 | 1 | 2 | 2 |
| Payable days | 58 | 6 | 199 | 271 | 284 | 310 | 326 | 362 |
| NWC days | 55 | 144 | 17 | -43 | -39 | -60 | -8 | -234 |
| Leverage | ||||||||
| Current ratio | 0.49 | 0.5 | 0.58 | 0.42 | 0.46 | 0.54 | 0.41 | 0.34 |
| Debt to EBITDA | — | — | 631.19 | — | — | — | — | — |
| Debt to equity | -1.96 | -1.61 | -1.58 | -1.43 | -1.35 | -1.27 | -1.2 | -1.18 |
| Interest coverage | -1 | -0.9 | -0.2 | -0.2 | -0.2 | -0.2 | -0.1 | -0 |
| Asset turnover | 0.14 | 0.09 | 0.1 | 0.09 | 0.07 | 0.07 | 0.06 | 0.09 |
| Return ratios | ||||||||
| Return on assets % | -23.1% | -22.2% | -18.4% | -21.2% | -25% | -30.9% | -32.6% | -30.9% |
| Return on capital employed % | -32.7% | -122.3% | -12.4% | -59.3% | 80.8% | -66.2% | 43.5% | 2% |
| Return on equity % | 34.8% | 27.2% | 15.3% | 14% | 14% | 14% | 12.3% | 10.4% |
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.