Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 26.5% | 32.3% | 35.4% | 31.3% | 23.3% | 30.2% | 27.8% |
| EBITDA margin % | 12% | -4.7% | 2.4% | -3.3% | 8.1% | 10.9% | 5% | 12.5% |
| EBIT margin % | 9.3% | -8.2% | -1.8% | -7.7% | 5.9% | 9.9% | 2.3% | 11.3% |
| PAT margin % | 5.9% | -10.9% | 1.8% | -3.5% | 7.7% | 9.1% | 4% | 11.6% |
| Working capital | ||||||||
| Receivable days | 13 | 25 | 24 | 24 | 22 | 12 | 18 | 8 |
| Inventory days | 863 | 1,193 | 1,983 | 4,097 | 2,319 | 827 | 2,614 | 1,285 |
| Payable days | 0 | 0 | 61 | 79 | 54 | 26 | 79 | 36 |
| NWC days | 876 | 1,218 | 1,946 | 4,042 | 2,286 | 813 | 2,553 | 1,257 |
| Leverage | ||||||||
| Current ratio | 4.91 | 3.88 | 2.5 | 1.87 | 1.68 | 1.56 | 1.37 | 1.33 |
| Debt to EBITDA | 3.98 | — | 10.48 | — | 6.38 | 1.54 | 11.39 | 2.3 |
| Debt to equity | 0.18 | 0.14 | 0.07 | 0.22 | 0.24 | 0.19 | 0.34 | 0.35 |
| Interest coverage | 2.8 | -0.4 | 1.3 | -0.7 | 11.9 | 52.8 | 14.9 | 99.9 |
| Asset turnover | 0.26 | 0.23 | 0.16 | 0.1 | 0.17 | 0.38 | 0.13 | 0.25 |
| Return ratios | ||||||||
| Return on assets % | 1.6% | -2.5% | 0.3% | -0.3% | 1.3% | 3.5% | 0.5% | 3% |
| Return on capital employed % | 4.4% | -0.6% | 1.4% | -0.4% | 3.8% | 11.5% | 3.7% | 15.2% |
| Return on equity % | 2.2% | -3.7% | 0.5% | -0.8% | 3.5% | 10.4% | 2.4% | 14.3% |
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.