Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 11.1% | 19.1% | 21.6% | 18.4% | 19.6% | 11.3% | 20.2% |
| EBITDA margin % | -12.1% | -14.4% | -2.3% | 6.4% | 5.3% | 6.7% | -1.3% | 10.8% |
| EBIT margin % | -36.3% | -36% | -20.1% | -2.9% | -3% | -0.3% | -7.4% | 6.7% |
| PAT margin % | -37.3% | -41.9% | -31% | -6.1% | -2.9% | -1.2% | 4.3% | 4.8% |
| Working capital | ||||||||
| Receivable days | — | — | 71 | 47 | 62 | 55 | 46 | 34 |
| Inventory days | — | — | 30 | 35 | 38 | 49 | 41 | 45 |
| Payable days | — | — | 26 | 35 | 33 | 43 | 39 | 29 |
| NWC days | — | — | 75 | 47 | 67 | 62 | 48 | 50 |
| Leverage | ||||||||
| Current ratio | — | — | 0.88 | 1.37 | 1.43 | 1.14 | 1.71 | 2 |
| Debt to EBITDA | — | — | — | 27.39 | 29.1 | 20.35 | — | 6.11 |
| Debt to equity | — | — | 8.9 | 15.27 | 23.31 | 32.68 | 5.97 | 2.17 |
| Interest coverage | -2.5 | -1.9 | -0.9 | -0.2 | -1.3 | 0.1 | -1.7 | 7.5 |
| Asset turnover | — | 0.3 | 0.28 | 0.51 | 0.59 | 0.67 | 0.77 | 0.96 |
| Return ratios | ||||||||
| Return on assets % | — | -12.6% | -8.6% | -3.2% | -1.7% | -0.8% | 3.3% | 4.6% |
| Return on capital employed % | — | — | -5.7% | -0.9% | -1.5% | 0.1% | -1.8% | 9.4% |
| Return on equity % | — | — | -86.8% | -53.7% | -43.7% | -28.6% | 25.2% | 15.6% |
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.