Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 51.6% | 51.9% | 51% | 53.3% | 53.9% | 53.5% | 52.9% | 52.6% |
| EBITDA margin % | 6.8% | 14% | 11.5% | 13.8% | 13.6% | 13.4% | 13.6% | 12.4% |
| EBIT margin % | 3.3% | 4% | -6.8% | 1.7% | 4.1% | 2.4% | -2.9% | -5.3% |
| PAT margin % | 4% | -1.7% | -12.5% | -1% | 1.1% | -1.4% | -2.3% | -6% |
| Working capital | ||||||||
| Receivable days | 35 | 35 | 42 | 35 | 26 | 26 | 10 | 10 |
| Inventory days | 179 | 204 | 251 | 272 | 254 | 230 | 245 | 252 |
| Payable days | — | — | 304 | 333 | 247 | 226 | 254 | 241 |
| NWC days | — | — | -11 | -25 | 33 | 30 | 1 | 21 |
| Leverage | ||||||||
| Current ratio | 0.83 | 0.73 | 0.89 | 0.9 | 0.98 | 0.98 | 1.7 | 1.45 |
| Debt to EBITDA | 2.51 | 2.14 | 1.88 | 1.12 | 1.27 | 2.24 | 1 | 1.03 |
| Debt to equity | 0.97 | 2.42 | 0.42 | 0.42 | 0.54 | 0.73 | 0.09 | 0.09 |
| Interest coverage | 1.8 | 1 | -0.6 | 0.7 | 1.4 | 0.7 | 0.1 | -0.3 |
| Asset turnover | 1.23 | 0.9 | 0.54 | 0.67 | 0.76 | 0.66 | 0.39 | 0.4 |
| Return ratios | ||||||||
| Return on assets % | 4.9% | -1.5% | -6.7% | -0.7% | 0.9% | -0.9% | -0.9% | -2.4% |
| Return on capital employed % | 10.7% | 12.6% | -5.8% | 3.9% | 7.9% | 4.9% | 0.3% | -0.8% |
| Return on equity % | 22.5% | -13.4% | -24.2% | -2.8% | 3.5% | -3.5% | -1.5% | -4.4% |
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.