Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 86.5% | 79.9% | 74.1% | 74.2% | — | — |
| EBITDA margin % | 4.2% | -13.7% | 7% | -39.1% | -16.4% | -80% | -6.8% | — |
| EBIT margin % | -13.5% | -32.4% | -19.5% | -69% | -32.3% | -107.9% | -12.7% | — |
| PAT margin % | -23.3% | -40.9% | -14.4% | -43.1% | -34.3% | -96.8% | -74.6% | — |
| Working capital | ||||||||
| Receivable days | — | — | 14 | 25 | 6 | 12 | 238 | — |
| Inventory days | — | — | 4,254 | 3,848 | 1,529 | 2,793 | 1,083 | — |
| Payable days | — | — | 113 | 83 | 57 | 365 | 12 | — |
| NWC days | — | — | 4,154 | 3,790 | 1,478 | 2,440 | 1,310 | — |
| Leverage | ||||||||
| Current ratio | — | — | 0.53 | 0.48 | 0.45 | 0.31 | 0.44 | 0.27 |
| Debt to EBITDA | — | — | 75.8 | — | — | — | — | — |
| Debt to equity | — | — | 0.65 | 0.67 | 0.84 | 0.98 | 1.17 | 1.24 |
| Interest coverage | -0 | -0.6 | -0.1 | -0 | -0.8 | -1.4 | 0.1 | -0.6 |
| Asset turnover | — | — | 0.06 | 0.05 | 0.1 | 0.06 | 0.04 | 0 |
| Return ratios | ||||||||
| Return on assets % | — | — | -0.9% | -2.3% | -3.5% | -5.7% | -2.7% | -4.3% |
| Return on capital employed % | — | — | -0.1% | -0.1% | -3.5% | -8.8% | 0.9% | -5% |
| Return on equity % | — | — | -1.8% | -4.5% | -7.9% | -14.3% | -7.3% | -11.3% |
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.