Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 70.5% | 35.8% | 41.7% | 36.5% | 19.3% | — | — | — |
| EBITDA margin % | -3.1% | -6.9% | 1.8% | 9.7% | -9.1% | 82.6% | 70.1% | 65.8% |
| EBIT margin % | -5.1% | -9.6% | -4.5% | 6.6% | -11.8% | 64.7% | 51.9% | 25% |
| PAT margin % | -7.7% | -7.8% | -16.1% | 0.9% | -22.9% | -300.6% | -247.5% | -91.9% |
| Working capital | ||||||||
| Receivable days | 19 | 24 | 9 | 7 | 30 | 113 | 117 | 0 |
| Inventory days | 148 | 48 | 130 | 105 | 59 | 0 | 0 | 0 |
| Payable days | — | — | — | — | 72 | 244 | 146 | 108 |
| NWC days | — | — | — | — | 17 | -131 | -28 | -108 |
| Leverage | ||||||||
| Current ratio | 0.52 | 0.33 | 0.65 | 0.57 | 0.47 | 0.53 | 0.27 | 0.33 |
| Debt to EBITDA | — | — | 37.93 | 3.85 | — | 4.37 | 4.06 | 3.02 |
| Debt to equity | 0.35 | 0.51 | 0.32 | 0.32 | 0.46 | 0.35 | 0.34 | 0.25 |
| Interest coverage | -0.1 | -1.1 | 0.6 | 1.8 | -3 | 2.4 | 1.9 | 1.5 |
| Asset turnover | 0.69 | 0.63 | 0.27 | 0.53 | 0.53 | 0.06 | 0.07 | 0.07 |
| Return ratios | ||||||||
| Return on assets % | -5.3% | -4.9% | -4.3% | 0.5% | -12% | -18.4% | -16.4% | -6.5% |
| Return on capital employed % | -1.1% | -7.5% | 2.6% | 5.3% | -7.9% | 4.5% | 4.6% | 3.1% |
| Return on equity % | -12.8% | -10% | -7.6% | 0.8% | -21.8% | -29.2% | -29.7% | -11.7% |
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.