Standalone figures
| Ratio | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Margins | ||||
| Gross margin % | 15.4% | 17% | 21.7% | 25.2% |
| EBITDA margin % | -3.7% | -0.9% | ||
| 4.3% |
| -3.5% |
| EBIT margin % | -6% | -3.2% | 3.1% | -5.1% |
| PAT margin % | -13.1% | 2.6% | 3.4% | 1.2% |
| Working capital | ||||
| Receivable days | 72 | 91 | 81 | 137 |
| Inventory days | 388 | 742 | 671 | 1,528 |
| Payable days | 140 | 135 | 353 | 921 |
| NWC days | 320 | 698 | 398 | 745 |
| Leverage | ||||
| Current ratio | 1.18 | 1.59 | 1.43 | 1.4 |
| Debt to EBITDA | — | — | 20.71 | — |
| Debt to equity | 2.1 | 1.36 | 1.73 | 3.33 |
| Interest coverage | 0.1 | 1.2 | 1.4 | 0.9 |
| Asset turnover | 0.41 | 0.23 | 0.34 | 0.16 |
| Return ratios | ||||
| Return on assets % | -5.4% | 0.6% | 1.2% | 0.2% |
| Return on capital employed % | 2.6% | 7.4% | 12% | 8.4% |
| Return on equity % | -39.9% | 2.6% | 6.7% | 1.7% |
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.