BQNYSERetail-Retail Stores, NECFiscal year ends March 31
Boqii Holding Ltd
Financials through fiscal 2026, year ended Mar 31, 2026Last filing: 20-F on Jul 13, 2026
$0.58−0.03 (-4.32%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2018 to 2026
Gross margin
26.3%+7.7 pts over 5 years
Operating margin
-7.1%+13.2 pts over 5 years
Net margin
-1.2%+18.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -10.3% | -27.3% | -16.1% | – | |
| Gross profit | +9.7% | -22.1% | -10.0% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | – | 20.3% | -2.7% | |
| Return on assets | – | -29.1% | -1.8% | |
| Current ratio | – | 3.21 | 3.25 | |
| Debt to equity | – | 1.86 | – | |
| Net debt to EBITDA | – | 0.70× | – | |
| Interest coverage | – | -7.5× | -36.3× | |
| Inventory turnover | – | 10.7× | 9.4× | |
| Capex to revenue | – | 0.6% | 0.3% | |
| Diluted shares | – | 67M | 4M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Boqii generated CN¥323.13M from operations and spent CN¥9.77M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥323.13M
Used
CN¥9.77M
Capital expenditureCN¥9.77M100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1.2%
×Asset turnover1.51×
×Equity multiplier1.48×
=Return on equity, FY2026-2.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | -1.2% | 1.51× | 1.48× | -2.7% |
| FY2025 | -11.5% | 1.34× | 1.71× | -26.5% |
| FY2024 | -9.0% | 1.54× | 2.33× | -32.1% |
| FY2023 | -9.4% | 1.66× | 3.49× | -54.5% |
| FY2022 | -10.8% | 1.43× | 5.89× | -91.1% |
| FY2021 | -19.2% | 1.51× | -0.70× | 20.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
3of 8 tests passed in fiscal 2026. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥5.08M
- Cash generatingOperating cash flow above zero-CN¥29.29M
- Return on assets improvedROA up on the prior year-14.1% → -1.6%
- Earnings backed by cashOperating cash flow above net income-CN¥29.29M vs -CN¥5.08M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose4.85 → 3.25
- No dilutionShare count did not rise1M → 4M
- Gross margin improvedGross margin up on the prior year21.47% → 26.27%
- More efficientAsset turnover rose1.22 → 1.33