Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 38.5% | ||||
| 35.2% |
| 36.6% |
| 30.8% |
| 31.9% |
| EBITDA margin % | -6.2% | -1.7% | -3.8% | 0.8% | 2.4% | 5.8% | 5.4% | 2.6% |
| EBIT margin % | -9.2% | -4.3% | -6.9% | -2.3% | 0.4% | 4.2% | 4.3% | 1.2% |
| PAT margin % | -8.1% | 6% | -6.9% | -6.4% | -4.6% | 4.4% | 2.8% | 2% |
| Working capital | ||||||||
| Receivable days | 53 | 40 | 43 | 41 | 29 | 30 | 86 | 90 |
| Inventory days | 55 | 69 | 61 | 95 | 87 | 52 | 33 | 39 |
| Payable days | 73 | 82 | 74 | 109 | 82 | 58 | 96 | 100 |
| NWC days | 35 | 27 | 30 | 27 | 33 | 24 | 22 | 28 |
| Leverage | ||||||||
| Current ratio | 0.56 | 0.51 | 0.49 | 0.45 | 0.46 | 0.74 | 0.97 | 1.29 |
| Debt to EBITDA | — | — | — | 90.7 | 18.62 | 5.92 | 4.8 | 10.03 |
| Debt to equity | 0.45 | 0.45 | 0.5 | 0.59 | 0.6 | 0.56 | 0.62 | 0.39 |
| Interest coverage | -0.2 | -0.3 | -0.4 | 0.2 | 0.4 | 2.7 | 3.1 | 2.3 |
| Asset turnover | 0.43 | 0.46 | 0.43 | 0.39 | 0.58 | 0.77 | 0.96 | 0.76 |
| Return ratios | ||||||||
| Return on assets % | -3.5% | 2.8% | -3% | -2.5% | -2.6% | 3.4% | 2.6% | 1.5% |
| Return on capital employed % | -0.5% | -0.9% | -1.4% | 0.8% | 1.9% | 7.1% | 10.3% | 4.7% |
| Return on equity % | -7.2% | 5.4% | -6.1% | -5.1% | -6% | 7.2% | 6.7% | 2.9% |
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.