Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 60.6% | -23.1% | 22.3% | 25% | 28.7% | 26.8% | 15.3% | 25.6% |
| EBITDA margin % | 20.9% | -57% | -1.8% | 13.3% | 15.8% | 18% | 5.5% | 13.7% |
| EBIT margin % | 19.7% | -58.3% | -2.6% | 12.6% | 15% | 17.6% | 5.1% | 13.4% |
| PAT margin % | -5.4% | -51.2% | -31.8% | -11.7% | -26.5% | 1% | 5.2% | 0.5% |
| Working capital | ||||||||
| Receivable days | — | — | 237 | 162 | 190 | 101 | 104 | 112 |
| Inventory days | — | — | 6,110 | 4,174 | 3,293 | 1,514 | 1,080 | 1,274 |
| Payable days | — | — | 794 | 570 | 436 | 213 | 193 | 261 |
| NWC days | — | — | 5,553 | 3,766 | 3,048 | 1,402 | 991 | 1,125 |
| Leverage | ||||||||
| Current ratio | — | — | 1.12 | 1.04 | 1 | 1 | 1.14 | 1.15 |
| Debt to EBITDA | — | — | — | 19.42 | 10.82 | 5.18 | 13.94 | 5.77 |
| Debt to equity | — | — | 3.34 | 3.62 | 3.7 | 3.51 | 2.31 | 1.87 |
| Interest coverage | 0.8 | -0.2 | -0 | 0.5 | 0.6 | 1.1 | 1.2 | 1.7 |
| Asset turnover | — | — | 0.06 | 0.09 | 0.11 | 0.23 | 0.27 | 0.25 |
| Return ratios | ||||||||
| Return on assets % | — | — | -1.9% | -1.1% | -3% | 0.2% | 1.4% | 0.1% |
| Return on capital employed % | — | — | -0.3% | 10.4% | 18.1% | 38.2% | 16.6% | 17.8% |
| Return on equity % | — | — | -26% | -16.4% | -57.5% | 3.7% | 15.8% | 1.3% |
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.