Standalone figures
| Ratio | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Margins | ||||
| Gross margin % | 34.3% | 25.7% | 24.3% | 30.6% |
| EBITDA margin % | -6.2% | 0.9% | 2.3% | 3.5% |
| EBIT margin % | -7.1% | 0.4% | 1.8% | 2.8% |
| PAT margin % | -0.2% | 0.4% | 0.6% | 1% |
| Working capital | ||||
| Receivable days | 203 | 190 | 136 | 214 |
| Inventory days | 74 | 42 | 24 | 26 |
| Payable days | 196 | 201 | 82 | 166 |
| NWC days | 81 | 31 | 78 | 74 |
| Leverage | ||||
| Current ratio | 2.16 | 1.47 | 1.13 | 1.2 |
| Debt to EBITDA | — | 0 | 2.04 | 3.58 |
| Debt to equity | 0 | 0 | 0.21 | 0.51 |
| Interest coverage | 1 | 1.6 | 1.4 | 1.7 |
| Asset turnover | 0.71 | 0.87 | 1.3 | 1.13 |
| Return ratios | ||||
| Return on assets % | -0.2% | 0.3% | 0.8% | 1.1% |
| Return on capital employed % | 1.3% | 5.1% | 12.8% | 15.8% |
| Return on equity % | -0.3% | 0.8% | 2.6% | 4% |
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.