Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 6.9% | 13.1% | 19.9% | 12.4% | ||||
| 15.6% |
| -47.7% |
| 21% |
| 22.4% |
| EBITDA margin % | 3.2% | 9.1% | 15% | -6.6% | 5.3% | -89.2% | 17.3% | 19.8% |
| EBIT margin % | 3% | 8.4% | 13.8% | -8.3% | 4.2% | -99.5% | 16.6% | 19.2% |
| PAT margin % | -0% | 1.6% | 2.3% | -24.8% | -14.4% | -342.7% | 25.6% | 21.2% |
| Working capital | ||||||||
| Receivable days | 77 | — | 178 | 71 | 50 | 352 | 57 | 69 |
| Inventory days | 234 | — | 989 | 1,461 | 1,031 | 7,126 | 1,334 | 985 |
| Payable days | 59 | — | 157 | 4 | 3 | 18 | 3 | 2 |
| NWC days | 252 | — | 1,010 | 1,528 | 1,077 | 7,459 | 1,388 | 1,052 |
| Leverage | ||||||||
| Current ratio | 1.97 | — | 2.11 | 1.67 | 1.56 | 1.33 | 3.23 | 6.9 |
| Debt to EBITDA | 7.86 | — | 5.73 | — | 29.08 | — | 5.31 | 1.62 |
| Debt to equity | 0.53 | — | 0.54 | 0.85 | 1.02 | 1.41 | 0.34 | 0.13 |
| Interest coverage | 1 | 1.3 | 1 | -0.2 | 0.5 | -0.3 | 9.7 | 6.3 |
| Asset turnover | 1.09 | — | 0.34 | 0.21 | 0.32 | 0.03 | 0.27 | 0.36 |
| Return ratios | ||||||||
| Return on assets % | -0% | — | 0.8% | -5.2% | -4.5% | -9% | 6.9% | 7.6% |
| Return on capital employed % | 8.7% | — | 9.1% | -1.7% | 6.5% | -4.4% | 10.9% | 11.7% |
| Return on equity % | -0.1% | — | 1.4% | -10% | -9.6% | -22.4% | 9.3% | 8.7% |
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.