Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 20.4% | 20.7% | 22.4% | 16.4% | 22.8% | 20.4% |
| EBITDA margin % | 5% | 4.9% | 3.9% | 5.7% | 1.1% | -3.6% | -1.4% | -7.1% |
| EBIT margin % | 4.1% | 3.4% | 2.6% | 4.8% | -0.6% | -5.7% | -3.4% | -9.1% |
| PAT margin % | 4% | 3% | 1.3% | 3.4% | -1% | -4.7% | -3.7% | -7.6% |
| Working capital | ||||||||
| Receivable days | — | — | 54 | 48 | 44 | 82 | 92 | 63 |
| Inventory days | — | — | 160 | 115 | 177 | 110 | 174 | 161 |
| Payable days | — | — | 188 | 161 | 176 | 177 | 274 | 259 |
| NWC days | — | — | 25 | 2 | 44 | 16 | -8 | -36 |
| Leverage | ||||||||
| Current ratio | — | — | 1.21 | 1.21 | 1.18 | 1.02 | 0.97 | 0.83 |
| Debt to EBITDA | — | — | 1.53 | 0 | 5.75 | — | — | — |
| Debt to equity | — | — | 0.26 | 0 | 0.27 | 0.53 | 0.66 | 0.82 |
| Interest coverage | 18.9 | 5 | 1.8 | 10.8 | -0.1 | -4 | -2.1 | -7.4 |
| Asset turnover | — | — | 1.33 | 1.87 | 1.42 | 1.39 | 1.13 | 1.2 |
| Return ratios | ||||||||
| Return on assets % | — | — | 1.7% | 6.3% | -1.4% | -6.6% | -4.2% | -9.2% |
| Return on capital employed % | — | — | 17.2% | 32.6% | -0.4% | -23.5% | -18.2% | -50.8% |
| Return on equity % | — | — | 5.6% | 21.1% | -4.4% | -28.1% | -25% | -66.5% |
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.