Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 35.6% | 32.5% | 0.7% | 20.8% | ||||
| 44% |
| 7.3% |
| 25.2% |
| 54.6% |
| EBITDA margin % | 1.9% | 4.3% | -14.3% | 7% | -61% | -112.8% | -46.9% | -92.8% |
| EBIT margin % | -7.1% | -4% | -18.7% | 2.6% | -74.5% | -128.1% | -56.4% | -107.7% |
| PAT margin % | -27.7% | -9.4% | -22.3% | -1.3% | -25.4% | -126.3% | -50.2% | -78.3% |
| Working capital | ||||||||
| Receivable days | — | — | 2,805 | 658 | 1,596 | 1,435 | 611 | 683 |
| Inventory days | — | — | 5,264 | 1,340 | 5,840 | 4,072 | 2,980 | 8,040 |
| Payable days | — | — | 2,636 | 713 | 2,710 | 1,357 | 779 | 1,838 |
| NWC days | — | — | 5,433 | 1,285 | 4,726 | 4,150 | 2,812 | 6,885 |
| Leverage | ||||||||
| Current ratio | — | — | 1.07 | 1.08 | 1.93 | 1.84 | 1.73 | 1.67 |
| Debt to EBITDA | — | — | — | 12.45 | — | — | — | — |
| Debt to equity | — | — | 0.12 | 0.14 | 0.15 | 0.22 | 0.23 | 0.21 |
| Interest coverage | 0.1 | 0.3 | -3 | 0.9 | -0.8 | -12.2 | -40.1 | -28.6 |
| Asset turnover | — | — | 0.02 | 0.09 | 0.04 | 0.03 | 0.05 | 0.03 |
| Return ratios | ||||||||
| Return on assets % | — | — | -0.5% | -0.1% | -0.9% | -4.1% | -2.7% | -2.6% |
| Return on capital employed % | — | — | -0.6% | 0.7% | -0.5% | -4.8% | -3.1% | -3% |
| Return on equity % | — | — | -0.9% | -0.2% | -1.4% | -6% | -3.8% | -3.6% |
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.