Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 95.3% | — | — | — | — | — | — | — |
| EBITDA margin % | 11.8% | 19.5% | 20.2% | 15.9% | 9.5% | 2.2% | -6% | -21.8% |
| EBIT margin % | -10.1% | -6% | -3.8% | -12.2% | -20.6% | -33.4% | -35.3% | -34% |
| PAT margin % | -24.5% | -45.4% | -23.1% | -31% | -41.6% | -56.3% | -34.8% | -54.8% |
| Working capital | ||||||||
| Receivable days | 161 | 129 | 92 | 98 | 120 | 89 | 128 | 148 |
| Inventory days | 135 | 0 | 0 | 0 | 0 | 0 | 1 | 2 |
| Payable days | — | — | 0 | 268 | 328 | 356 | 569 | 624 |
| NWC days | — | — | 93 | -170 | -207 | -267 | -440 | -474 |
| Leverage | ||||||||
| Current ratio | 0.48 | 0.44 | 0.27 | 0.19 | 0.17 | 0.14 | 0.17 | 0.14 |
| Debt to EBITDA | 7.64 | 4.28 | 2.28 | 7.78 | 15.56 | 77.35 | — | — |
| Debt to equity | 2.2 | 30.83 | -2.25 | -2.29 | -1.4 | -0.93 | -0.69 | -0.58 |
| Interest coverage | -0.6 | -0.2 | -0.2 | -0.8 | -1.1 | -1.5 | -1.9 | -1.2 |
| Asset turnover | 0.27 | 0.43 | 0.54 | 0.6 | 0.57 | 0.64 | 0.57 | 0.52 |
| Return ratios | ||||||||
| Return on assets % | -6.7% | -19.6% | -12.5% | -18.6% | -23.8% | -36.2% | -19.8% | -28.3% |
| Return on capital employed % | -4.8% | -2.5% | -7.6% | 116.5% | 22% | 16.9% | 12.8% | 8.4% |
| Return on equity % | -59.9% | -1,676.1% | 112.8% | 57.4% | 39.3% | 31.5% | 13.7% | 15.1% |
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.