Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 36.7% | 19.9% | — | — | — |
| EBITDA margin % | 19.7% | 4.8% | 18.5% | 20.5% | 12.2% | 18.7% | 44.2% | 29% |
| EBIT margin % | 18.4% | 3% | 12.6% | 18.6% | 10.3% | 9.3% | 39.4% | 25% |
| PAT margin % | 2% | -19% | 1.4% | 9.7% | 5.3% | -4.3% | 22.6% | 11.7% |
| Working capital | ||||||||
| Receivable days | 34 | 42 | 33 | 5 | 2 | — | — | — |
| Inventory days | 1,430 | 2,023 | 1,748 | 1,729 | 534 | — | — | — |
| Payable days | 52 | 64 | 46 | 11 | 4 | — | — | — |
| NWC days | 1,412 | 2,001 | 1,734 | 1,722 | 532 | — | — | — |
| Leverage | ||||||||
| Current ratio | 1.69 | 1.54 | 1.45 | 1.41 | 1.22 | — | — | — |
| Debt to EBITDA | 4.41 | 30.3 | 4.4 | 3.57 | 1.08 | — | — | — |
| Debt to equity | 0.62 | 0.7 | 0.52 | 0.54 | 0.23 | — | — | — |
| Interest coverage | 1.5 | 0.4 | 1.1 | 1.9 | 4.1 | 1.4 | 4.6 | 3.6 |
| Asset turnover | 0.22 | 0.13 | 0.17 | 0.2 | 0.5 | — | — | — |
| Return ratios | ||||||||
| Return on assets % | 0.4% | -2.5% | 0.2% | 2% | 2.6% | — | — | — |
| Return on capital employed % | 10.6% | 3.2% | 8.3% | 12.3% | 17.3% | — | — | — |
| Return on equity % | 1.4% | -9.1% | 0.9% | 7.1% | 9.2% | — | — | — |
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.