Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 31.2% | 30.7% | 27.7% | ||||
| 29.3% |
| 30% |
| 29.2% |
| 28.6% |
| EBITDA margin % | 6.7% | 3.3% | 4.5% | 11.6% | 14.2% | 14.1% | 13.7% | 14.5% |
| EBIT margin % | 4.7% | 0.4% | 1.3% | 10.1% | 13.1% | 13.1% | 12.7% | 13.6% |
| PAT margin % | -27.7% | -56.8% | -8.3% | 12.2% | 11.9% | 13.2% | 10.5% | 11.6% |
| Working capital | ||||||||
| Receivable days | 81 | 136 | 75 | 63 | 68 | 70 | 74 | 87 |
| Inventory days | 39 | 89 | 80 | 44 | 38 | 47 | 57 | 61 |
| Payable days | — | — | 18 | 110 | 98 | 100 | 99 | 106 |
| NWC days | — | — | 138 | -3 | 8 | 18 | 32 | 43 |
| Leverage | ||||||||
| Current ratio | 0.67 | 0.68 | 1.01 | 1.52 | 1.54 | 1.85 | 11.24 | 1.94 |
| Debt to EBITDA | 5.01 | 17.33 | 8.25 | 0.51 | 0 | 0 | 0 | 0 |
| Debt to equity | 0.71 | 1.54 | 0.91 | 0.17 | 0 | 0 | 0 | 0 |
| Interest coverage | 1.6 | 0.2 | 0.5 | 8.6 | 64.7 | 428.8 | 218.5 | 241.3 |
| Asset turnover | 0.74 | 0.58 | 0.65 | 1.34 | 1.56 | 1.4 | 1.37 | 0.95 |
| Return ratios | ||||||||
| Return on assets % | -20.4% | -33.2% | -5.4% | 16.3% | 18.6% | 18.5% | 14.3% | 11% |
| Return on capital employed % | 7.7% | 2.3% | 3.6% | 24.6% | 38.1% | 39.7% | 27.7% | 24.3% |
| Return on equity % | -58.9% | -154.7% | -20.2% | 34.5% | 32.3% | 30.9% | 24% | 16% |
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.