Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 21.6% | 21.1% | 19.3% | 19.4% | 19% | 18.9% | 18.1% | 19% |
| EBITDA margin % | — | 3.3% | 0% | 0.9% | 0.2% | -0.9% | -1.3% | 2.4% |
| EBIT margin % | — | -1.1% | -5.1% | -3.8% | -4.2% | -5.4% | -7.5% | -1.3% |
| PAT margin % | 0.4% | -2.4% | -6.2% | -4.2% | -7% | -10.3% | -10.9% | -8.8% |
| Working capital | ||||||||
| Receivable days | 8 | — | 6 | 5 | 3 | 4 | 5 | 5 |
| Inventory days | 57 | — | 52 | 52 | 47 | 49 | 36 | 45 |
| Payable days | 66 | — | 60 | 66 | 62 | 75 | 70 | 75 |
| NWC days | -1 | — | -3 | -10 | -11 | -22 | -28 | -25 |
| Leverage | ||||||||
| Current ratio | 1.6 | — | 0.63 | 0.51 | 0.43 | 0.37 | 0.25 | 0.31 |
| Debt to EBITDA | — | — | — | 16.77 | 99.26 | — | — | 27.56 |
| Debt to equity | — | — | 0.5 | 1.14 | 4.32 | -5.78 | -2.58 | -2.31 |
| Interest coverage | 0.4 | 0.1 | -0.9 | -0.1 | -0.7 | -0.8 | -0.4 | 0 |
| Asset turnover | 2.27 | — | 1.43 | 1.34 | 1.4 | 1.25 | 1.34 | 1.06 |
| Return ratios | ||||||||
| Return on assets % | 0.8% | — | -8.8% | -5.6% | -9.9% | -12.9% | -14.5% | -9.3% |
| Return on capital employed % | 0.5% | — | -6.5% | -1% | -7.3% | -11.3% | -8.3% | 0% |
| Return on equity % | 1.4% | — | -37.1% | -32.9% | -150.5% | 194% | 63% | 31.1% |
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.