Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 23.3% | 26.9% | 26.2% | 13.8% | 12.3% | 27% | 25.5% |
| EBITDA margin % | 0.1% | -0.1% | 2.8% | 6.4% | -5.9% | -11.3% | 4.2% | 6% |
| EBIT margin % | -2.1% | -2.9% | -0.1% | 4.9% | -7.9% | -14.1% | 1% | 3.2% |
| PAT margin % | -9.2% | 18.2% | -11.2% | -1.7% | 0.2% | -7.2% | 5.2% | 3.2% |
| Working capital | ||||||||
| Receivable days | — | — | 6 | 4 | 0 | 0 | 5 | 5 |
| Inventory days | 9 | 18 | 19 | 23 | 11 | 19 | 77 | 163 |
| Payable days | 20 | 53 | 74 | 54 | 99 | 209 | 171 | 156 |
| NWC days | — | — | -49 | -26 | -88 | -190 | -88 | 12 |
| Leverage | ||||||||
| Current ratio | 0.08 | 0.08 | 0.08 | 0.14 | 0.11 | 0.29 | 0.56 | 0.8 |
| Debt to EBITDA | 473.72 | — | 36.63 | 8.94 | — | — | 4.17 | 3.88 |
| Debt to equity | -1.14 | -1.68 | -1.5 | -1.45 | -1.24 | -0.21 | -0.22 | -0.28 |
| Interest coverage | -0.2 | -0.2 | 0 | 0.8 | -0.8 | -7 | 2.1 | 1.9 |
| Asset turnover | 2.5 | 1.81 | 1.66 | 2.85 | 2.11 | 1.34 | 1.03 | 0.84 |
| Return ratios | ||||||||
| Return on assets % | -22.9% | 32.9% | -18.6% | -4.8% | 0.5% | -9.7% | 5.4% | 2.7% |
| Return on capital employed % | 3.8% | 4.5% | -0.7% | -13.5% | 11.8% | -112.9% | 42.9% | 14.2% |
| Return on equity % | 19% | -35% | 16.3% | 4.3% | -0.4% | 7.4% | -6.6% | -3.9% |
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.