Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 60.6% | 61.1% | 72.3% | 60% | 55.8% | 57.7% | 54.1% | 52.9% |
| EBITDA margin % | 2.7% | 5.8% | 4.8% | 4% | 4.9% | 0.1% | 5.3% | 7.8% |
| EBIT margin % | 2.1% | 3.4% | 2.7% | 2.4% | 3.1% | -2% | 3.2% | 5.6% |
| PAT margin % | 0.4% | -0.5% | -0.8% | 2% | 1.6% | -3.9% | 3.2% | 4.5% |
| Working capital | ||||||||
| Receivable days | 112 | 91 | 98 | 103 | 119 | 92 | 149 | 156 |
| Inventory days | 49 | 30 | 63 | 21 | 26 | 30 | 37 | 68 |
| Payable days | — | — | — | — | 231 | 213 | 281 | 240 |
| NWC days | — | — | — | — | -86 | -91 | -95 | -16 |
| Leverage | ||||||||
| Current ratio | 0.93 | 0.85 | 1.19 | 1.25 | 1.3 | 1.36 | 1.72 | 3.22 |
| Debt to EBITDA | 11.64 | 5.19 | 1.36 | 2 | 1.36 | 32.43 | 0.39 | 0.47 |
| Debt to equity | 1.06 | 1.05 | 0.06 | 0.08 | 0.07 | 0.04 | 0.02 | 0.02 |
| Interest coverage | 0.7 | 0.9 | 0.9 | 2.3 | 1.7 | 0.8 | 3.2 | 5.9 |
| Asset turnover | 0.89 | 0.92 | 0.58 | 0.64 | 0.7 | 0.81 | 0.57 | 0.45 |
| Return ratios | ||||||||
| Return on assets % | 0.4% | -0.5% | -0.4% | 1.3% | 1.1% | -3.2% | 1.8% | 2% |
| Return on capital employed % | 11.8% | 14.5% | 7.4% | 4.3% | 3.9% | 1.6% | 4.2% | 4.7% |
| Return on equity % | 1.4% | -1.8% | -0.7% | 2% | 1.8% | -4.8% | 2.6% | 2.6% |
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.