Standalone figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 36.7% | 46.4% | 46.5% | 45.5% | 49.7% | 52.5% | 43.2% | 48.6% |
| EBITDA margin % | 6.3% | 10.4% | 13.3% | 13.4% | 11.6% | 19.9% | 5.1% | 2% |
| EBIT margin % | 1.9% | 4.5% | 7.1% | 7.7% | 3.9% | 12.3% | -3% | -11.3% |
| PAT margin % | 0.6% | 2% | 3.4% | 4% | -3.5% | 0.8% | -5.2% | -16.1% |
| Working capital | ||||||||
| Receivable days | 150 | 121 | 130 | 119 | 137 | 117 | 103 | 112 |
| Inventory days | 323 | 495 | 529 | 528 | 882 | 1,057 | 1,119 | 2,052 |
| Payable days | 46 | 108 | 105 | 98 | 158 | 199 | 256 | 437 |
| NWC days | 426 | 508 | 554 | 549 | 861 | 974 | 966 | 1,726 |
| Leverage | ||||||||
| Current ratio | 1.79 | 1.26 | 1.41 | 1.58 | 1.54 | 1.53 | 1.46 | 1.47 |
| Debt to EBITDA | 8.12 | 8.12 | 7.08 | 6.63 | 10.76 | 6.12 | 25.34 | 101.06 |
| Debt to equity | 0.6 | 0.83 | 0.9 | 1.01 | 1.08 | 0.98 | 0.86 | 0.87 |
| Interest coverage | 1.3 | 1.9 | 2.5 | 2.4 | 0.5 | 1.2 | 0.5 | 0.2 |
| Asset turnover | 0.65 | 0.45 | 0.44 | 0.5 | 0.36 | 0.35 | 0.29 | 0.19 |
| Return ratios | ||||||||
| Return on assets % | 0.4% | 0.9% | 1.5% | 2% | -1.3% | 0.3% | -1.5% | -3% |
| Return on capital employed % | 2.8% | 5.3% | 5.7% | 7.2% | 2.5% | 7.5% | 2.5% | 1.6% |
| Return on equity % | 0.7% | 2% | 3.2% | 4.5% | -3% | 0.7% | -3.5% | -6.8% |
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.