Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 78.9% | 75.7% | 82.3% | 81.9% | 81.5% | 70.7% | 65.2% | 57% |
| EBITDA margin % | 12.9% | 19.6% | 28.4% | 20.4% | 5.9% | 5.4% | -1.1% | 2.6% |
| EBIT margin % | 8.5% | 14.7% | 23.4% | 16.3% | 1.9% | 1.8% | -5.4% | 0.2% |
| PAT margin % | 5.3% | 9.9% | 20.9% | 7.4% | -4.5% | -2.6% | -9.3% | -33.5% |
| Working capital | ||||||||
| Receivable days | — | — | 14 | 19 | 18 | 21 | 22 | 6 |
| Inventory days | — | — | 140 | 121 | 179 | 80 | 67 | 71 |
| Payable days | — | — | 118 | 157 | 131 | 107 | 150 | 91 |
| NWC days | — | — | 37 | -16 | 66 | -6 | -61 | -15 |
| Leverage | ||||||||
| Current ratio | — | — | 2.82 | 0.36 | 0.52 | 0.51 | 0.43 | 0.67 |
| Debt to EBITDA | — | — | 0 | 4.55 | 14.98 | 14.46 | — | 24.89 |
| Debt to equity | — | — | 0 | 1.19 | 0.89 | 0.88 | 1.03 | 0.72 |
| Interest coverage | 22.3 | 193.6 | 157.2 | 2.7 | 0.3 | 0.3 | -0.7 | 0 |
| Asset turnover | — | — | 0.87 | 0.49 | 0.45 | 0.5 | 0.41 | 0.55 |
| Return ratios | ||||||||
| Return on assets % | — | — | 18.2% | 3.6% | -2% | -1.3% | -3.8% | -18.5% |
| Return on capital employed % | — | — | 27.3% | 13.9% | 1.1% | 1.1% | -2.5% | 0.1% |
| Return on equity % | — | — | 24.5% | 9.5% | -4.5% | -2.8% | -9.3% | -38% |
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.