Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 25.4% | 32.9% | 36.9% | 42.5% | 53.7% | 42.6% | 45.7% | 46.8% |
| EBITDA margin % | 5.5% | 10.3% | 10.3% | 11.3% | 16.2% | 3.5% | 8% | 5.7% |
| EBIT margin % | 3.8% | 8.4% | 7.1% | 7.4% | 12% | -2.9% | 2% | -0.7% |
| PAT margin % | 2% | 5.3% | 1.4% | 3.8% | 6% | -6.7% | -8.6% | -3.9% |
| Working capital | ||||||||
| Receivable days | 174 | 204 | 224 | 235 | 204 | 232 | 171 | 207 |
| Inventory days | 98 | 91 | 127 | 132 | 142 | 210 | 200 | 199 |
| Payable days | 95 | 8 | 8 | 3 | 211 | 234 | 203 | 258 |
| NWC days | 177 | 287 | 343 | 363 | 135 | 208 | 167 | 147 |
| Leverage | ||||||||
| Current ratio | 1.59 | 1.31 | 1.55 | 1.52 | 1.52 | 1.41 | 1.6 | 1.48 |
| Debt to EBITDA | 10.35 | 5.55 | 6.03 | 5.79 | 3.51 | 18.12 | 6.26 | 9.85 |
| Debt to equity | 0.89 | 0.88 | 0.8 | 0.76 | 0.76 | 0.69 | 0.51 | 0.51 |
| Interest coverage | 1.7 | 2.6 | 1.5 | 2.1 | 2.2 | -0.1 | 0.6 | 0.4 |
| Asset turnover | 0.7 | 0.65 | 0.56 | 0.51 | 0.59 | 0.49 | 0.54 | 0.47 |
| Return ratios | ||||||||
| Return on assets % | 1.4% | 3.4% | 0.8% | 1.9% | 3.5% | -3.3% | -4.7% | -1.9% |
| Return on capital employed % | 8.5% | 15.1% | 8.4% | 9.2% | 14.1% | -0.4% | 3.8% | 2.7% |
| Return on equity % | 3.1% | 8.2% | 1.8% | 4.4% | 8% | -7.2% | -8.8% | -3.5% |
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.