Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 53% | 53.9% | 43% | 37.5% | 29.7% | 44.3% | 54.3% | 40.1% |
| EBITDA margin % | -79.9% | -36.7% | -6.4% | 1.9% | 1.2% | -0.2% | -4.4% | -35.1% |
| EBIT margin % | -84.2% | -51.2% | -10.8% | 0% | -0.3% | -2% | -6.1% | -38.9% |
| PAT margin % | -85.9% | -45.4% | -32.4% | -0.1% | 0.2% | -0.5% | 0.2% | 6.2% |
| Working capital | ||||||||
| Receivable days | 98 | 61 | 32 | 74 | 97 | 142 | 163 | 360 |
| Inventory days | 5 | 69 | 107 | 112 | 66 | 91 | 52 | 73 |
| Payable days | — | — | — | — | 277 | 390 | 575 | 948 |
| NWC days | — | — | — | — | -113 | -157 | -360 | -516 |
| Leverage | ||||||||
| Current ratio | 0.31 | 0.24 | 0.19 | 0.3 | 0.29 | 0.27 | 0.22 | 0.21 |
| Debt to EBITDA | — | — | — | 2.59 | 111.08 | — | — | — |
| Debt to equity | -1.11 | -0.91 | -0.01 | -0.03 | -0.86 | -0.84 | -0.84 | -0.87 |
| Interest coverage | -15.6 | -5.9 | -0.5 | 0.2 | 2.1 | 0.9 | 1.2 | 1.7 |
| Asset turnover | 0.59 | 0.38 | 0.54 | 0.89 | 0.99 | 0.8 | 0.77 | 0.34 |
| Return ratios | ||||||||
| Return on assets % | -50.9% | -17.1% | -17.6% | -0.1% | 0.2% | -0.4% | 0.1% | 2.1% |
| Return on capital employed % | 50.4% | 10.9% | 0.6% | -0.5% | -2.8% | -1.1% | -1.3% | -2.1% |
| Return on equity % | 51.6% | 11.6% | 8.4% | 0% | -0.1% | 0.3% | -0.1% | -1.3% |
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.