Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 22.4% | 47.7% | ||||
| — |
| 50.7% |
| 81.4% |
| 69.2% |
| EBITDA margin % | 6% | -16.3% | -57.7% | -5.3% | 11.4% | -0.2% | 16.4% | -23.6% |
| EBIT margin % | 0.3% | -31.8% | -79.2% | -21.9% | -11.9% | -28.4% | 14.6% | -26.5% |
| PAT margin % | 4.6% | -26.2% | -86.7% | -245.6% | -56.6% | 108.3% | 32.9% | 19% |
| Working capital | ||||||||
| Receivable days | — | 716 | 930 | 643 | — | 365 | 324 | 487 |
| Inventory days | — | 264 | 420 | 560 | — | 265 | 904 | 867 |
| Payable days | — | 2 | 58 | 67 | — | 26 | 59 | 62 |
| NWC days | — | 978 | 1,292 | 1,137 | — | 604 | 1,168 | 1,292 |
| Leverage | ||||||||
| Current ratio | — | 3.19 | 1.24 | 0.63 | — | 2.71 | 2.47 | 2.65 |
| Debt to EBITDA | — | — | — | — | — | — | 5.43 | — |
| Debt to equity | — | 0.43 | 0.63 | 1.83 | — | 0.21 | 0.28 | 0.27 |
| Interest coverage | 1.1 | -0.9 | -1.6 | -0.6 | -0.2 | 1.8 | 37.8 | 33.1 |
| Asset turnover | — | 0.15 | 0.11 | 0.15 | — | 0.24 | 0.24 | 0.14 |
| Return ratios | ||||||||
| Return on assets % | — | -3.8% | -9.6% | -35.7% | — | 26.2% | 7.9% | 2.7% |
| Return on capital employed % | — | -4.3% | -10.6% | -5.7% | — | 20.7% | 12.9% | 5.7% |
| Return on equity % | — | -6.4% | -17.1% | -161.3% | — | 32.5% | 10.4% | 3.6% |
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.