Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 6.8% | -0.2% | 3% | 13.6% | 16.6% | 17.3% | 10.7% | 1.8% |
| EBITDA margin % | 1.5% | -0.7% | 1% | 6.1% | 11.2% | 12.5% | 8.2% | -0.1% |
| EBIT margin % | 1.5% | -0.7% | 1% | 6.1% | 11.2% | 12.4% | 8.2% | -0.6% |
| PAT margin % | 1.1% | 0.3% | 0.5% | 1.6% | 1.7% | 3.9% | 3% | -0.8% |
| Working capital | ||||||||
| Receivable days | 67 | 12 | 128 | 0 | 0 | 0 | 0 | 1 |
| Inventory days | 0 | 6 | 12 | 173 | 473 | 290 | 214 | 2 |
| Payable days | 22 | 3 | 138 | 0 | 10 | 0 | 0 | 0 |
| NWC days | 45 | 15 | 3 | 172 | 463 | 290 | 214 | 3 |
| Leverage | ||||||||
| Current ratio | 2.96 | 1.75 | 1.3 | 1.48 | 1.36 | 1.08 | 1.08 | 1.28 |
| Debt to EBITDA | 0 | — | 6.95 | 6.75 | 11.07 | 7.08 | 9.17 | — |
| Debt to equity | 0 | 0.67 | 0.35 | 1.36 | 1.9 | 2.19 | 3.34 | 0.23 |
| Interest coverage | 203 | 3.2 | 3.2 | 1.5 | 1.2 | 1.6 | 1.6 | 0.5 |
| Asset turnover | 5.36 | 10.24 | 1.56 | 1.34 | 0.51 | 0.76 | 1 | 5.58 |
| Return ratios | ||||||||
| Return on assets % | 5.8% | 3.3% | 0.8% | 2.2% | 0.9% | 3% | 3% | -4.7% |
| Return on capital employed % | 12.5% | 12.7% | 6% | 21% | 17.6% | 37.1% | 48.8% | 8.4% |
| Return on equity % | 8.7% | 6.3% | 2.6% | 5.3% | 2.6% | 9.8% | 13.3% | -7.1% |
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.