Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 15.6% | 29.2% | 4.5% | 24.4% | 29.8% | 18.9% | 5% | -13.1% |
| EBITDA margin % | -4.8% | 1% | -38.3% | -6% | 0.9% | -10.3% | -23.7% | -137.2% |
| EBIT margin % | -28.9% | -24.7% | -76.9% | -36.8% | -25.5% | -39.4% | -51.5% | -241.3% |
| PAT margin % | -29.2% | -26.2% | -78% | -39.2% | -27.4% | -40.7% | -50.1% | -243.6% |
| Working capital | ||||||||
| Receivable days | — | — | 124 | 84 | 74 | 80 | 67 | 0 |
| Inventory days | — | — | 6 | 5 | 0 | 0 | 0 | 0 |
| Payable days | — | — | 318 | 333 | 381 | 434 | 423 | 1,382 |
| NWC days | — | — | -188 | -243 | -307 | -353 | -355 | -1,382 |
| Leverage | ||||||||
| Current ratio | — | — | 0.2 | 0.16 | 0.14 | 0.14 | 0.11 | 0.01 |
| Debt to EBITDA | — | — | — | — | 0.02 | — | — | — |
| Debt to equity | — | — | -0.36 | -0.05 | -0 | -0.07 | -0.07 | -0.02 |
| Interest coverage | -94 | -15.8 | -57.8 | -15 | -13.2 | -23 | -42.8 | -100.4 |
| Asset turnover | — | — | 0.38 | 0.55 | 0.58 | 0.53 | 0.6 | 0.28 |
| Return ratios | ||||||||
| Return on assets % | — | — | -29.7% | -21.7% | -16% | -21.5% | -29.9% | -67.3% |
| Return on capital employed % | — | — | 497.2% | 74.8% | 30.7% | 27.9% | 24.1% | 23.7% |
| Return on equity % | — | — | 451.1% | 77% | 32.1% | 28.6% | 24.3% | 23.9% |
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.