Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 44% | 41.5% | 29.9% | ||||
| 27.6% |
| 52.6% |
| 10.5% |
| 35.4% |
| EBITDA margin % | 10.1% | 5.5% | 11.6% | 8.5% | -14.4% | -51.6% | 3.1% | 9.3% |
| EBIT margin % | 9.2% | 3.5% | 9.1% | 6.6% | -16.5% | -56.4% | 2.4% | 6.7% |
| PAT margin % | 2.1% | -6.1% | 1.1% | 0.7% | -16% | -59.9% | 3.1% | 0.1% |
| Working capital | ||||||||
| Receivable days | — | 91 | 331 | 401 | 167 | 232 | 96 | 97 |
| Inventory days | — | 530 | 589 | 492 | 630 | 1,952 | 1 | 43 |
| Payable days | — | 339 | 489 | 493 | 36 | 129 | 77 | 22 |
| NWC days | — | 283 | 431 | 400 | 761 | 2,055 | 20 | 118 |
| Leverage | ||||||||
| Current ratio | — | 1.24 | 1.26 | 1.74 | 2.68 | 2.24 | 1.27 | 3.01 |
| Debt to EBITDA | — | 11.9 | 6.84 | 5.92 | — | — | 0.48 | 1.67 |
| Debt to equity | — | 0.55 | 0.61 | 0.39 | 0.36 | 0.14 | 0.06 | 0.14 |
| Interest coverage | 1.3 | 0.6 | 1.1 | 1.1 | -0.2 | -1.8 | 8.3 | 1.4 |
| Asset turnover | — | 0.38 | 0.32 | 0.34 | 0.41 | 0.22 | 1.8 | 0.7 |
| Return ratios | ||||||||
| Return on assets % | — | -2.3% | 0.3% | 0.2% | -6.6% | -13% | 5.5% | 0.1% |
| Return on capital employed % | — | 7% | 9.9% | 7.5% | -1.4% | -16.9% | 10.6% | 7.4% |
| Return on equity % | — | -5.1% | 0.8% | 0.5% | -10.4% | -21.5% | 12% | 0.1% |
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.