Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 27% | ||||
| 27.1% |
| 46.2% |
| 47.2% |
| 48.2% |
| EBITDA margin % | 100% | 11.6% | 20.8% | 17.4% | 15.9% | 16.1% | 15.2% | 17.2% |
| EBIT margin % | 100% | 8.6% | 18.3% | 14.8% | 11.8% | 10.3% | 10% | 12.6% |
| PAT margin % | 100% | 5.5% | 12.7% | 10.5% | 6.4% | -17.7% | 7.3% | 2.6% |
| Working capital | ||||||||
| Receivable days | — | 65 | 55 | — | 123 | 139 | 169 | 140 |
| Inventory days | — | 30 | 68 | — | 155 | 206 | 206 | 249 |
| Payable days | — | — | — | — | 63 | 128 | 122 | 133 |
| NWC days | — | — | — | — | 216 | 217 | 254 | 256 |
| Leverage | ||||||||
| Current ratio | — | 1.12 | 1.41 | — | 1.17 | 1.08 | 1.78 | 1.78 |
| Debt to EBITDA | — | 1.52 | 1.33 | — | 3.88 | 4.35 | 2.7 | 2.23 |
| Debt to equity | — | 0.47 | 0.7 | — | 1.13 | 1.19 | 0.48 | 0.44 |
| Interest coverage | — | 6 | 15.3 | 8.1 | 3.5 | 1.9 | 2.6 | 3.8 |
| Asset turnover | — | 1.45 | 1.25 | — | 0.75 | 0.62 | 0.65 | 0.66 |
| Return ratios | ||||||||
| Return on assets % | — | 8% | 15.8% | — | 4.8% | -11% | 4.7% | 1.7% |
| Return on capital employed % | — | 22.6% | 49.4% | — | 17.4% | 13.4% | 15.6% | 14.5% |
| Return on equity % | — | 14.7% | 32.2% | — | 11.7% | -30.1% | 8.5% | 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.