Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 12.4% | 20.4% | ||||
| 78.1% |
| 47.5% |
| 47.4% |
| 37% |
| EBITDA margin % | 18.5% | 11.4% | 3.1% | 7.7% | 18% | 14.4% | 7.8% | 4.8% |
| EBIT margin % | 14.4% | 7.3% | 2.3% | 6.8% | 13.1% | 11.8% | 5.4% | 2.8% |
| PAT margin % | 5.5% | 0% | 3.3% | 5.1% | 6.2% | 7% | 2.4% | 0.8% |
| Working capital | ||||||||
| Receivable days | 60 | 93 | 7 | 2 | 56 | 0 | 0 | 11 |
| Inventory days | 773 | 889 | 85 | 124 | 2,353 | 644 | 655 | 491 |
| Payable days | 140 | 69 | 20 | 13 | 367 | 35 | 74 | 89 |
| NWC days | 694 | 913 | 73 | 113 | 2,042 | 609 | 581 | 413 |
| Leverage | ||||||||
| Current ratio | 2.52 | 2.92 | 3.4 | 4.95 | 2.97 | 14.19 | 4.32 | 3.75 |
| Debt to EBITDA | 3.86 | 7 | 1.07 | 0.65 | 2.52 | 0.83 | 1.43 | 2.22 |
| Debt to equity | 0.27 | 0.26 | 0.11 | 0.12 | 0.2 | 0.1 | 0.08 | 0.09 |
| Interest coverage | 1.8 | 0.9 | 3.7 | 8.6 | 2.6 | 3.8 | 2.2 | 1.4 |
| Asset turnover | 0.27 | 0.24 | 2.43 | 1.93 | 0.32 | 0.63 | 0.62 | 0.67 |
| Return ratios | ||||||||
| Return on assets % | 1.5% | 0% | 8% | 9.9% | 2% | 4.4% | 1.5% | 0.5% |
| Return on capital employed % | 5.9% | 3.3% | 13.9% | 17.8% | 6% | 9.1% | 4.4% | 2.9% |
| Return on equity % | 2.1% | 0% | 10.4% | 12.3% | 2.7% | 5.6% | 1.8% | 0.6% |
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.