Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 31.8% | 33.6% | -11.7% | 30.7% | ||||
| 2.8% |
| 10.7% |
| -5% |
| -8.5% |
| EBITDA margin % | 14.7% | 19.7% | -41.8% | 10.6% | -22.1% | -5.1% | -29.7% | -31.3% |
| EBIT margin % | 13.8% | 11.2% | -64.5% | 1.1% | -34.2% | -11.6% | -36.4% | -35.8% |
| PAT margin % | 3% | -12.1% | -83.3% | -18.5% | -42.1% | -19.9% | -55.7% | -43.1% |
| Working capital | ||||||||
| Receivable days | 109 | 103 | 355 | 218 | 199 | 124 | 192 | 137 |
| Inventory days | 1,827 | 1,681 | 2,999 | 2,951 | 1,893 | 1,264 | 2,032 | 2,064 |
| Payable days | — | — | 536 | 504 | 366 | 243 | 375 | 309 |
| NWC days | — | — | 2,818 | 2,665 | 1,725 | 1,145 | 1,849 | 1,892 |
| Leverage | ||||||||
| Current ratio | 1.21 | 1.21 | 1.13 | 1.09 | 1 | 0.95 | 0.91 | 1 |
| Debt to EBITDA | 5.27 | 3.65 | — | 11.37 | — | — | — | — |
| Debt to equity | 0.37 | 0.38 | 0.54 | 0.41 | 0.31 | 0.24 | 0.37 | 1.04 |
| Interest coverage | 1.2 | 1.1 | -0.9 | 0.1 | -1.4 | -0.6 | -0.7 | -0.6 |
| Asset turnover | 0.12 | 0.13 | 0.04 | 0.07 | 0.08 | 0.12 | 0.06 | 0.07 |
| Return ratios | ||||||||
| Return on assets % | 0.4% | -1.5% | -3.5% | -1.3% | -3.3% | -2.4% | -3.5% | -2.9% |
| Return on capital employed % | 11.5% | 11.1% | -6.8% | 0.9% | -10.1% | -5.8% | -8.3% | -11% |
| Return on equity % | 1.5% | -6.3% | -16.4% | -6.3% | -19% | -16.1% | -33% | -42.4% |
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.