Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 36.2% | 44.1% | 42.7% | 52.5% | 34.2% | 39.3% | 33.1% |
| EBITDA margin % | -2.4% | -17.1% | -9.3% | 2.1% | 1.3% | 0.8% | 5.5% | 2.4% |
| EBIT margin % | -11% | -31% | -17.5% | -3.8% | -6.9% | -6.5% | -3.1% | -2.2% |
| PAT margin % | -10.9% | -24.4% | -51.2% | -6.6% | -81% | -10.7% | -91.2% | 187% |
| Working capital | ||||||||
| Receivable days | 5 | — | — | — | 0 | 0 | 1 | 0 |
| Inventory days | 18 | 28 | 22 | 10 | 10 | 7 | 12 | 15 |
| Payable days | 19 | — | 55 | 23 | 57 | 41 | 37 | 18 |
| NWC days | 3 | — | — | — | -46 | -34 | -24 | -3 |
| Leverage | ||||||||
| Current ratio | 0.36 | 0.29 | 0.26 | 0.26 | 0.03 | 0.03 | 0.04 | 0.1 |
| Debt to EBITDA | — | — | — | 82.05 | 178.22 | 267.21 | 43.37 | 25.91 |
| Debt to equity | 6.03 | 14.54 | -5.26 | -4.36 | -1.74 | -1.62 | -1 | -1.61 |
| Interest coverage | -8.6 | -4 | -2.8 | -1.2 | -1.4 | -1.4 | -0.5 | -0.2 |
| Asset turnover | 0.68 | 0.19 | 0.37 | 0.53 | 0.54 | 0.65 | 1.06 | 1.05 |
| Return ratios | ||||||||
| Return on assets % | -7.5% | -4.7% | -19% | -3.5% | -43.4% | -7% | -96.8% | 196.2% |
| Return on capital employed % | -18.6% | -15.4% | -93.2% | 11% | 5.2% | 5.2% | 1.2% | 3.1% |
| Return on equity % | -116.5% | -240.8% | 113.3% | 17% | 60.1% | 8.5% | 38% | -477.6% |
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.