Standalone figures
| Ratio | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross margin % | 44.2% | 46.2% | 47.8% | 49.6% | 54.7% | 55.8% |
| EBITDA margin % | -4% | 9% | 13% | 11.1% | 10.8% | 8.2% |
| EBIT margin % | -10.5% | 6.1% | 10.9% | 8.6% | 6.4% | 4.5% |
| PAT margin % | -14.7% | 0.9% | 6.2% | 4.4% | 1.8% | 0.3% |
| Working capital | ||||||
| Receivable days | 356 | — | 72 | 71 | 93 | 104 |
| Inventory days | 403 | — | 132 | 149 | 210 | 303 |
| Payable days | 448 | — | 115 | 97 | 112 | 167 |
| NWC days | 311 | — | 88 | 123 | 191 | 239 |
| Leverage | ||||||
| Current ratio | 1.44 | — | 1.39 | 1.4 | 1.31 | 1.14 |
| Debt to EBITDA | — | — | 1.19 | 1.53 | 3.25 | 4.74 |
| Debt to equity | 1 | — | 0.9 | 0.75 | 1.28 | 1.63 |
| Interest coverage | -0.6 | 1.2 | 3.7 | 3.6 | 1.6 | 1.1 |
| Asset turnover | 0.48 | — | 1.71 | 1.55 | 1.07 | 0.96 |
| Return ratios | ||||||
| Return on assets % | -7% | — | 10.5% | 6.8% | 1.9% | 0.3% |
| Return on capital employed % | -9.2% | — | 44.2% | 38.2% | 18.4% | 12.4% |
| Return on equity % | -26.5% | — | 35.8% | 19.5% | 6.5% | 1.2% |
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.