Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 42.5% | 38.6% | 28.9% | 33.4% | 26.4% | 4.7% | -103.3% | 65.1% |
| EBITDA margin % | 10.9% | 6% | -2.9% | -2.5% | -10.8% | -36.8% | -211.8% | 8.6% |
| EBIT margin % | 6.4% | -0.8% | -14.4% | -8.5% | -20.5% | -50.7% | -222% | 0.1% |
| PAT margin % | 0.2% | -7.4% | -23% | -9.8% | -24.9% | -52.7% | 43.7% | 19.8% |
| Working capital | ||||||||
| Receivable days | 140 | 152 | 272 | 144 | 165 | 430 | 67 | 93 |
| Inventory days | 189 | 234 | 283 | 204 | 230 | 405 | 34 | 296 |
| Payable days | — | — | — | — | 108 | 235 | 78 | 0 |
| NWC days | — | — | — | — | 287 | 600 | 23 | 388 |
| Leverage | ||||||||
| Current ratio | 1.1 | 1.1 | 1.07 | — | 0.86 | 0.7 | 0.26 | 0.62 |
| Debt to EBITDA | 5.22 | 12.07 | — | — | — | — | — | 0.54 |
| Debt to equity | 1.57 | 1.78 | 2.58 | 3.27 | 6.46 | 16.14 | 2.64 | 0.04 |
| Interest coverage | 1 | -0 | -0.6 | -0.7 | -1.1 | -1 | 3.6 | 13.9 |
| Asset turnover | 0.79 | 0.67 | 0.39 | 0.67 | 0.5 | 0.19 | 0.21 | 0.34 |
| Return ratios | ||||||||
| Return on assets % | 0.1% | -5% | -9% | -6.6% | -12.5% | -10.2% | 9.1% | 6.8% |
| Return on capital employed % | 12% | -0.6% | -8.7% | — | -22.1% | -18.5% | 36.9% | 21% |
| Return on equity % | 0.4% | -18.2% | -38.3% | -32.8% | -105.9% | -259.4% | 51.9% | 16.2% |
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.