Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 55.5% | — | 40.1% | 25.9% | 47% | 48.1% | 69.2% | 60.8% |
| EBITDA margin % | -35.8% | 2.4% | 22% | 12.4% | -74.7% | -29.2% | 43.9% | 40.8% |
| EBIT margin % | -58.4% | -5.5% | 12% | 5.2% | -163.8% | -168.4% | 36.8% | 35% |
| PAT margin % | -42.2% | 3.3% | 44.2% | 4.5% | -137.5% | -467.8% | 26.9% | 28.9% |
| Working capital | ||||||||
| Receivable days | 51 | — | 47 | 46 | 36 | 11 | 3 | 32 |
| Inventory days | 405 | — | 70 | 52 | 544 | 525 | 70 | 142 |
| Payable days | — | — | 157 | 53 | 878 | 1,334 | 66 | 63 |
| NWC days | — | — | -40 | 45 | -297 | -798 | 7 | 111 |
| Leverage | ||||||||
| Current ratio | 0.45 | — | 0.57 | 0.91 | 0.31 | 0.39 | 1.91 | 2.96 |
| Debt to EBITDA | — | — | 1.03 | 1.37 | — | — | 0.6 | 0.28 |
| Debt to equity | 0.61 | — | 0.2 | 0.19 | 0.14 | 1.7 | 0.55 | 0.19 |
| Interest coverage | -3.7 | 0.1 | 2.5 | 5.1 | -6.6 | -9 | 11.1 | 23.6 |
| Asset turnover | 0.19 | — | 0.54 | 0.75 | 0.06 | 0.07 | 1.12 | 1.13 |
| Return ratios | ||||||||
| Return on assets % | -8.2% | — | 23.9% | 3.4% | -8.9% | -34.3% | 30.1% | 32.6% |
| Return on capital employed % | -12.4% | — | 10.7% | 7.2% | -11.7% | -17.7% | 61% | 62.5% |
| Return on equity % | -23.3% | — | 39% | 5% | -12.4% | -112.3% | 55.7% | 48% |
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.