Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 41.4% | 30.4% | 20.7% | 41.3% | 57.9% | 45.2% | 63.9% | 69.9% |
| EBITDA margin % | 17.5% | 7.8% | 11.8% | 29.7% | 26% | 17.8% | 18.5% | 29.5% |
| EBIT margin % | 16.5% | 6.4% | 11.1% | 29.4% | 25.5% | 17.4% | 18.1% | 28.4% |
| PAT margin % | 3.6% | -2.4% | 3.7% | 26.5% | 24.7% | 20.4% | 16.1% | 1.6% |
| Working capital | ||||||||
| Receivable days | — | — | 48 | 55 | 92 | 62 | 138 | 154 |
| Inventory days | — | — | 626 | 474 | 1,530 | 1,029 | 1,686 | 5,028 |
| Payable days | — | — | 115 | 143 | 329 | 146 | 243 | 515 |
| NWC days | — | — | 558 | 386 | 1,293 | 944 | 1,581 | 4,667 |
| Leverage | ||||||||
| Current ratio | — | — | 2.44 | 2.53 | 3 | 1.71 | 4.13 | 3.24 |
| Debt to EBITDA | — | — | 1.5 | 0.15 | 5.03 | 10.62 | 14.4 | 16.83 |
| Debt to equity | — | — | 0.16 | 0.04 | 0.55 | 1.02 | 1.42 | 1.77 |
| Interest coverage | 1.2 | 0.8 | 1.4 | 30.7 | 3.6 | 18.4 | 5.1 | 1.1 |
| Asset turnover | — | — | 0.47 | 0.58 | 0.2 | 0.23 | 0.17 | 0.1 |
| Return ratios | ||||||||
| Return on assets % | — | — | 1.7% | 15.5% | 5% | 4.6% | 2.8% | 0.2% |
| Return on capital employed % | — | — | 9.9% | 32.4% | 12.1% | 8.2% | 5.5% | 4.6% |
| Return on equity % | — | — | 3.3% | 25.4% | 10.5% | 11% | 8.6% | 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.