Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 67.1% | 59.7% | 72% | 72% | 79.9% | 83.8% | 83.8% |
| EBITDA margin % | 11.8% | 2.8% | 0.8% | 2.2% | 1.4% | 2.8% | 3% | 8.1% |
| EBIT margin % | 9.1% | -0.7% | -5.4% | -3.8% | -4.1% | -4.1% | -4.5% | 3.8% |
| PAT margin % | 2% | -8.1% | -22.8% | -30.3% | -32.7% | -7.1% | 1.3% | 5.6% |
| Working capital | ||||||||
| Receivable days | 83 | 129 | 234 | 278 | 304 | 455 | 294 | 238 |
| Inventory days | 53 | 148 | 204 | 297 | 270 | 524 | 301 | 355 |
| Payable days | 146 | 481 | 29 | 53 | 1,254 | 2,421 | 2,029 | 1,568 |
| NWC days | -10 | -204 | 409 | 522 | -680 | -1,441 | -1,435 | -975 |
| Leverage | ||||||||
| Current ratio | 1.18 | 1.12 | 1.01 | 0.93 | 0.87 | 0.87 | 1.6 | 2.23 |
| Debt to EBITDA | 4.69 | 32.17 | 281.38 | 140.47 | 283.7 | 257.51 | 100.73 | 30.27 |
| Debt to equity | 1.64 | 1.97 | 3.53 | 6.86 | 20.92 | 32.96 | 4.29 | 1.72 |
| Interest coverage | 1.4 | 0.1 | -0.1 | -0 | -0 | -0.3 | 1.3 | 4.8 |
| Asset turnover | 0.63 | 0.43 | 0.22 | 0.18 | 0.15 | 0.1 | 0.18 | 0.18 |
| Return ratios | ||||||||
| Return on assets % | 1.3% | -3.5% | -5% | -5.4% | -4.9% | -0.7% | 0.2% | 1% |
| Return on capital employed % | 27.5% | 1.5% | -3.5% | -2.9% | -4.3% | -9.1% | 1.7% | 2.7% |
| Return on equity % | 6% | -17.9% | -35.9% | -68.4% | -176.9% | -33% | 1.9% | 3.9% |
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.