Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 60.1% | 74.1% | 69.9% | 75.2% | 90.6% | 88.7% | 96.7% | 92.7% |
| EBITDA margin % | -35.9% | -53.6% | -28.6% | -2.4% | 33.5% | 25.1% | 24.5% | 12.8% |
| EBIT margin % | -37.3% | -55.4% | -31% | -4.3% | 32.3% | 23.4% | 22.4% | 9.4% |
| PAT margin % | -44.5% | -71.2% | -59.6% | -16% | 49.6% | 33.3% | 22.9% | 2.5% |
| Working capital | ||||||||
| Receivable days | — | — | 616 | 400 | 211 | 258 | 93 | 107 |
| Inventory days | — | — | 436 | 245 | 229 | 130 | 408 | 658 |
| Payable days | — | — | 2,338 | 2,503 | 1,378 | 1,193 | 3,417 | 1,973 |
| NWC days | — | — | -1,286 | -1,857 | -938 | -806 | -2,916 | -1,208 |
| Leverage | ||||||||
| Current ratio | — | — | 0.43 | 0.36 | 1.13 | 1.31 | 1.73 | 2.62 |
| Debt to EBITDA | — | — | — | — | 1.41 | 3.4 | 3.9 | 11.86 |
| Debt to equity | — | — | -0 | -0 | 4.39 | 3.12 | 1.4 | 1.52 |
| Interest coverage | -1.3 | -2.5 | -0.8 | 0.5 | 4.3 | 3.8 | 3 | 1.5 |
| Asset turnover | — | — | 0.29 | 0.42 | 0.62 | 0.46 | 0.36 | 0.24 |
| Return ratios | ||||||||
| Return on assets % | — | — | -17.6% | -6.7% | 30.9% | 15.2% | 8.3% | 0.6% |
| Return on capital employed % | — | — | 15.4% | -7.9% | 86.6% | 38.7% | 22.6% | 9.9% |
| Return on equity % | — | — | 25.5% | 7% | 460% | 122.1% | 33.5% | 2.5% |
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.