Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 20.3% | — | 17% | 14.8% | 19.7% | — | 14.5% |
| EBITDA margin % | -6.1% | 8.3% | 0% | 3.7% | 3.1% | 7% | 6.8% | -1.3% |
| EBIT margin % | -10.7% | 4.4% | 0% | 0.6% | 0.2% | 4% | 4% | -4.4% |
| PAT margin % | -11.8% | 1.1% | 0% | -1.8% | -2% | 0.7% | -1.9% | -11.7% |
| Working capital | ||||||||
| Receivable days | — | 7 | 0 | 5 | 7 | 9 | 12 | 9 |
| Inventory days | — | 228 | 0 | 177 | 143 | 178 | 167 | 198 |
| Payable days | — | 389 | 0 | 370 | 338 | 348 | 1 | 312 |
| NWC days | — | -154 | 0 | -187 | -189 | -161 | 179 | -106 |
| Leverage | ||||||||
| Current ratio | — | 0.56 | 0 | 0.44 | 0.36 | 0.38 | 0.41 | 0.41 |
| Debt to EBITDA | — | 5.08 | — | 6.68 | 4.78 | 4.61 | 4.38 | — |
| Debt to equity | — | -24.38 | — | -3.63 | -1.79 | -4.24 | -3.02 | -2.22 |
| Interest coverage | -8.4 | 1.3 | — | 0.3 | 0.2 | 1.2 | 0.7 | -0.5 |
| Asset turnover | — | 0.7 | 1 | 0.91 | 1.07 | 0.91 | 0.87 | 0.88 |
| Return ratios | ||||||||
| Return on assets % | — | 0.7% | 0% | -1.6% | -2.1% | 0.7% | -1.7% | -10.3% |
| Return on capital employed % | — | 12.6% | 0% | 23.6% | -23.7% | -718.4% | 246.7% | 112.2% |
| Return on equity % | — | -61.1% | — | 26.2% | 24.1% | -9.5% | 19.3% | 51% |
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.