Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 74.3% | — | 31.6% | 25% | ||||
| 26.6% |
| 27.5% |
| 27.3% |
| 32.5% |
| EBITDA margin % | -21.6% | -9.8% | 1.1% | -6.3% | -3% | -10.1% | -9.5% | -3.7% |
| EBIT margin % | -24.5% | -12.9% | -3% | -10% | -5.6% | -12.9% | -12.1% | -7.1% |
| PAT margin % | -28.3% | -11% | -15.2% | -17.8% | -7.4% | -13.8% | -13.4% | -11.1% |
| Working capital | ||||||||
| Receivable days | 126 | 76 | 89 | 80 | 81 | 75 | 90 | 87 |
| Inventory days | 353 | 84 | 146 | 130 | 116 | 110 | 112 | 97 |
| Payable days | — | — | 183 | 133 | 102 | 127 | 161 | 167 |
| NWC days | — | — | 52 | 77 | 95 | 58 | 41 | 17 |
| Leverage | ||||||||
| Current ratio | — | — | 0.8 | 1.79 | 1.4 | 1.42 | 1 | 0.82 |
| Debt to EBITDA | — | — | 34.07 | — | — | — | — | — |
| Debt to equity | 0.5 | 0.46 | 0.6 | 0.45 | 0.41 | 0.27 | 0.51 | 0.66 |
| Interest coverage | -2.7 | -2.2 | -0.1 | -1.4 | -1.3 | -4.7 | -3.6 | -1.3 |
| Asset turnover | 0.5 | 0.66 | 0.66 | 0.57 | 0.8 | 0.82 | 0.88 | 0.92 |
| Return ratios | ||||||||
| Return on assets % | -14.1% | -7.3% | -10.1% | -10.2% | -6% | -11.3% | -11.7% | -10.2% |
| Return on capital employed % | — | — | -0.9% | -9.4% | -5.2% | -15.9% | -17% | -11.6% |
| Return on equity % | -28.3% | -14.8% | -23.9% | -19.1% | -10.7% | -19.5% | -26.8% | -26.7% |
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.