Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 7.4% | 9.6% | 21.2% | 17.3% | 32.5% | 42.3% | 46.3% | 46.6% |
| EBITDA margin % | 2.1% | -3.8% | 8.7% | 7.8% | 25.4% | 35.3% | 39.3% | 37.9% |
| EBIT margin % | 0.5% | -7.3% | 1.5% | 2.6% | 16.8% | 27.2% | 31.4% | 29.6% |
| PAT margin % | -6.8% | -133.4% | -111.5% | -31.4% | 27.9% | 47.8% | 23.3% | 24.3% |
| Working capital | ||||||||
| Receivable days | 2 | 133 | 8 | 65 | 113 | 62 | 89 | 83 |
| Inventory days | 1 | 2 | 3 | 1 | 34 | 56 | 38 | 42 |
| Payable days | 0 | 0 | 14 | 15 | 35 | 47 | 33 | 30 |
| NWC days | 3 | 135 | -3 | 51 | 112 | 71 | 94 | 95 |
| Leverage | ||||||||
| Current ratio | 0.05 | 0.14 | 0.02 | 0.04 | 1.15 | 1.66 | 1.52 | 1.72 |
| Debt to EBITDA | 218.28 | — | 160.72 | 268.26 | 3.52 | 1.86 | 1.79 | 2.79 |
| Debt to equity | 1.18 | 0.79 | 0.37 | 0.72 | 1.16 | 0.65 | 0.75 | 0.91 |
| Interest coverage | 0.9 | 0.7 | 0.2 | 0.7 | 3.2 | 8.4 | 5.8 | 5.2 |
| Asset turnover | 0.08 | 0.04 | 0.02 | 0.02 | 0.5 | 0.52 | 0.51 | 0.38 |
| Return ratios | ||||||||
| Return on assets % | -0.6% | -6% | -2% | -0.6% | 14.1% | 24.9% | 12% | 9.2% |
| Return on capital employed % | 4.2% | 3.8% | 0.8% | 2.8% | 28.3% | 34.5% | 25.6% | 18.9% |
| Return on equity % | -1.8% | -18.7% | -2.9% | -1.1% | 36.3% | 47.5% | 24.9% | 20.7% |
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.