Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 83.5% | 64.3% | 56.9% | 55.7% | ||||
Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 83.5% | 64.3% | 56.9% | 55.7% | ||||
| 55.6% |
| 58% |
| 57.5% |
| 62.5% |
| EBITDA margin % | -5.5% | 4.3% | -23.6% | -13.1% | -4.2% | -11.9% | -10.7% | -5.2% |
| EBIT margin % | -10.3% | -14.2% | -46.7% | -27.3% | -14.5% | -24.9% | -22.3% | -19.5% |
| PAT margin % | -8.6% | -11.3% | -23.9% | -7.7% | 9.3% | -24.2% | -23.3% | -19.5% |
| Working capital | ||||||||
| Receivable days | 38 | 31 | 61 | 58 | 53 | 57 | 44 | 42 |
| Inventory days | 896 | 476 | 651 | 434 | 287 | 358 | 325 | 373 |
| Payable days | 227 | 123 | 199 | 181 | 112 | 209 | 196 | 244 |
| NWC days | 707 | 383 | 514 | 311 | 228 | 207 | 173 | 171 |
| Leverage | ||||||||
| Current ratio | — | — | 1.52 | 1.36 | 1.92 | 1.42 | 1.15 | 1.05 |
| Debt to EBITDA | — | 7.26 | — | — | — | — | — | — |
| Debt to equity | 0.22 | 0.27 | 0.19 | 0.21 | 0.14 | 0.18 | 0.26 | 0.31 |
| Interest coverage | -2.4 | -0.7 | -1.6 | -0.4 | -2.5 | -4.2 | -3.3 | -2 |
| Asset turnover | 0.58 | 0.47 | 0.28 | 0.38 | 0.48 | 0.41 | 0.53 | 0.5 |
| Return ratios | ||||||||
| Return on assets % | -5% | -5.2% | -6.8% | -2.9% | 4.5% | -9.8% | -12.4% | -9.8% |
| Return on capital employed % | — | — | -5.3% | -1% | -6.5% | -10.6% | -11.1% | -9.4% |
| Return on equity % | -7% | -9.5% | -10.5% | -4.4% | 6.2% | -15.6% | -22.4% | -19.8% |
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.