Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 41.5% | 36.2% | 33.1% | 31.5% | 32% | 29.7% | 33.5% | 32% |
| EBITDA margin % | 7.1% | -1.1% | -18.1% | 3.5% | 3.1% | 2.6% | 4.4% | 6.9% |
| EBIT margin % | 5.5% | -3.4% | -20.8% | 2% | 2% | 1.5% | 3.4% | 6% |
| PAT margin % | 4% | -6.9% | -15.7% | 1.9% | 1.9% | 1.1% | 1.8% | 4.7% |
| Working capital | ||||||||
| Receivable days | 190 | — | — | 52 | 49 | 73 | 76 | 73 |
| Inventory days | 160 | — | — | 165 | 155 | 157 | 191 | 212 |
| Payable days | — | — | — | 195 | 227 | 189 | 185 | 167 |
| NWC days | — | — | — | 22 | -23 | 41 | 82 | 119 |
| Leverage | ||||||||
| Current ratio | 1.67 | — | — | 1.3 | 1.29 | 1.36 | 1.51 | 1.59 |
| Debt to EBITDA | 1.18 | — | — | 6.43 | 7.61 | 14.46 | 7.26 | 3.5 |
| Debt to equity | 0.08 | — | — | 0.18 | 0.2 | 0.36 | 0.36 | 0.31 |
| Interest coverage | 8.2 | -0.3 | -8.7 | 2.2 | 1.9 | 1.3 | 2 | 3.8 |
| Asset turnover | 0.47 | 0.36 | 0.31 | 0.37 | 0.39 | 0.4 | 0.41 | 0.44 |
| Return ratios | ||||||||
| Return on assets % | 1.9% | -2.5% | -4.9% | 0.7% | 0.7% | 0.4% | 0.7% | 2.1% |
| Return on capital employed % | 5.7% | — | — | 2.2% | 2.7% | 2.7% | 4% | 6.8% |
| Return on equity % | 3.9% | -5.1% | -10.5% | 1.5% | 1.6% | 1% | 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.