Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 35.8% | 24.1% | 22.9% | 20% | ||||
| 19.7% |
| 20.5% |
| 24.5% |
| 35.7% |
| EBITDA margin % | 0.4% | -9.9% | -12.2% | -9.5% | -9.8% | -11.4% | -10.9% | 4.9% |
| EBIT margin % | -4.9% | -16.6% | -21.6% | -16.9% | -17.4% | -20.4% | -70.9% | 6.4% |
| PAT margin % | -8% | -13.4% | -38.5% | -30.8% | -39.6% | -48.5% | -236.1% | 6.3% |
| Working capital | ||||||||
| Receivable days | — | — | 111 | 86 | 71 | 42 | 75 | 114 |
| Inventory days | — | — | 333 | 239 | 259 | 292 | 506 | 398 |
| Payable days | — | — | 183 | 159 | 189 | 224 | 143 | 118 |
| NWC days | — | — | 261 | 166 | 141 | 111 | 438 | 394 |
| Leverage | ||||||||
| Current ratio | — | — | 0.88 | 0.5 | 0.42 | 0.33 | 1.99 | 2.2 |
| Debt to EBITDA | — | — | — | — | — | — | — | 9.29 |
| Debt to equity | — | — | -10.9 | -4.16 | -2.54 | -1.92 | 0.81 | 0.63 |
| Interest coverage | -1.4 | -3 | -1.3 | -1 | -0.8 | -0.6 | -3.1 | 9.2 |
| Asset turnover | — | — | 0.36 | 0.49 | 0.48 | 0.46 | 0.4 | 0.57 |
| Return ratios | ||||||||
| Return on assets % | — | — | -14% | -15% | -19.2% | -22.4% | -94% | 3.6% |
| Return on capital employed % | — | — | -17.3% | -30.9% | 91.7% | 20.4% | -44.9% | 8.1% |
| Return on equity % | — | — | 180.6% | 64.6% | 43.8% | 31.2% | -281.5% | 8.9% |
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.