Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | -31.1% | -7.6% | ||||
| 35% |
| 27.1% |
| 26.1% |
| -23% |
| EBITDA margin % | -22.1% | -68.8% | -58.1% | -34.2% | 6.1% | 12.2% | 12.1% | -77.9% |
| EBIT margin % | -23.9% | -74.3% | -63.2% | -36.8% | 5.6% | 12% | 11.9% | -78.9% |
| PAT margin % | -28.4% | -86.8% | -78.8% | -43.8% | -13.7% | -2% | 1.5% | -90.1% |
| Working capital | ||||||||
| Receivable days | — | — | 103 | 75 | 31 | 48 | 11 | 210 |
| Inventory days | — | — | 5 | 28 | 364 | 240 | 36 | 43 |
| Payable days | — | — | — | 168 | 275 | 206 | 149 | 255 |
| NWC days | — | — | — | -65 | 120 | 82 | -101 | -2 |
| Leverage | ||||||||
| Current ratio | — | — | — | 0.22 | 0.51 | 0.66 | 0.14 | 0.21 |
| Debt to EBITDA | — | — | — | — | 44.82 | 12.98 | 10.59 | — |
| Debt to equity | — | — | -4.4 | -2.99 | -2.96 | -2.97 | -2.65 | -0.92 |
| Interest coverage | -5.5 | -6 | -3.9 | -1.2 | 0.3 | 0.8 | 1.1 | -1.8 |
| Asset turnover | — | — | 0.32 | 0.37 | 0.36 | 0.55 | 0.78 | 0.68 |
| Return ratios | ||||||||
| Return on assets % | — | — | -25.4% | -16.2% | -5% | -1.1% | 1.2% | -61.4% |
| Return on capital employed % | — | — | — | -19.8% | 5.2% | 15.7% | 23.3% | 103.5% |
| Return on equity % | — | — | 134.2% | 44.1% | 14.8% | 3.8% | -3.1% | 30.3% |
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.