Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 72.1% | 76.9% | 95.8% | 96.8% | 97.4% | 98.2% | 98.9% | — |
| EBITDA margin % | 3.3% | 17.3% | 34.8% | -137.5% | 29.5% | 21.1% | 20.7% | 23.3% |
| EBIT margin % | -21% | -6.6% | 5% | -161.8% | 5.5% | -3.3% | -7.1% | -5.6% |
| PAT margin % | -25.8% | 0.4% | 2.7% | 92.9% | 2.4% | 30.8% | 4.6% | 15.4% |
| Working capital | ||||||||
| Receivable days | — | — | 117 | 60 | 63 | 49 | 35 | 32 |
| Inventory days | — | — | 40 | 77 | 65 | 223 | 68 | 0 |
| Payable days | — | — | 17,647 | 22 | 52 | 259 | 662 | 14 |
| NWC days | — | — | -17,489 | 115 | 76 | 14 | -559 | 18 |
| Leverage | ||||||||
| Current ratio | — | — | 0.75 | 1.54 | 1.37 | 2.71 | 0.49 | 2.26 |
| Debt to EBITDA | — | — | 6.58 | — | 6.1 | 7.18 | 6.91 | 5.5 |
| Debt to equity | — | — | 0.74 | 0.56 | 0.43 | 0.31 | 0.28 | 0.26 |
| Interest coverage | -0.2 | 1.3 | 1.2 | 13.1 | 1.7 | 5.1 | 8.4 | 16.6 |
| Asset turnover | — | — | 0.12 | 0.16 | 0.15 | 0.14 | 0.14 | 0.15 |
| Return ratios | ||||||||
| Return on assets % | — | — | 0.3% | 14.4% | 0.4% | 4.4% | 0.6% | 2.2% |
| Return on capital employed % | — | — | 3.2% | 24.8% | 2.4% | 2.7% | 1.8% | 3% |
| Return on equity % | — | — | 0.9% | 24.5% | 0.6% | 6.3% | 0.9% | 3.1% |
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.