Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 15.8% | 21.9% | 18.6% | 25.4% | ||||
| 19.4% |
| 20.7% |
| 26.2% |
| 21.8% |
| EBITDA margin % | 1.4% | 0.6% | -2.4% | 6.3% | 3% | -5.6% | -1.5% | 3% |
| EBIT margin % | -0.1% | -1.6% | -5.7% | 4.3% | 1.9% | -6.7% | -2.3% | 2.4% |
| PAT margin % | 0.1% | 7.3% | 2.2% | 5.7% | 1% | -5.4% | -1.1% | 2% |
| Working capital | ||||||||
| Receivable days | — | — | 325 | 281 | 169 | 84 | 53 | 45 |
| Inventory days | — | — | 168 | 145 | 136 | 238 | 227 | 176 |
| Payable days | — | — | 155 | 76 | 106 | 126 | 135 | 99 |
| NWC days | — | — | 338 | 350 | 199 | 196 | 144 | 122 |
| Leverage | ||||||||
| Current ratio | — | — | 2.43 | 2.67 | 2.03 | 2.07 | 1.79 | 1.82 |
| Debt to EBITDA | — | — | — | 5.47 | 8.69 | — | — | 5.94 |
| Debt to equity | — | — | 0.29 | 0.32 | 0.36 | 0.33 | 0.33 | 0.48 |
| Interest coverage | 2.4 | 2.1 | 1.7 | 7.4 | 4.2 | -4.5 | -1.8 | 3.5 |
| Asset turnover | — | — | 0.45 | 0.63 | 0.81 | 0.92 | 1.19 | 1.26 |
| Return ratios | ||||||||
| Return on assets % | — | — | 1% | 3.6% | 0.8% | -4.9% | -1.3% | 2.6% |
| Return on capital employed % | — | — | 2.2% | 6.1% | 4.8% | -6.5% | -2.7% | 8.1% |
| Return on equity % | — | — | 1.5% | 5.3% | 1.4% | -8.9% | -2.5% | 5.4% |
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.