Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 86.1% | 88.2% | 87.6% | 84.7% | 87.7% | 89.8% | 91.1% | 80.1% |
| EBITDA margin % | 32.4% | 32.3% | 4.9% | 20.2% | 40.3% | 41% | 43.6% | 43.4% |
| EBIT margin % | 20.7% | 20.9% | -32.9% | -2.5% | 29.9% | 31.2% | 33.9% | 36.3% |
| PAT margin % | -1% | 8.4% | -41.1% | -14.6% | 16.6% | 20% | 10.6% | 25.9% |
| Working capital | ||||||||
| Receivable days | 18 | — | 39 | 32 | 19 | 14 | 16 | 9 |
| Inventory days | 1,054 | — | 4,062 | 1,948 | 1,082 | 1,393 | 1,586 | 189 |
| Payable days | 7 | — | 819 | 412 | 389 | 515 | 405 | 108 |
| NWC days | 1,065 | — | 3,282 | 1,568 | 712 | 892 | 1,198 | 91 |
| Leverage | ||||||||
| Current ratio | 0.83 | — | 0.88 | 0.93 | 0.65 | 0.52 | 0.62 | 1.03 |
| Debt to EBITDA | 4.4 | — | 140.31 | 25.43 | 6.13 | 4.8 | 3.23 | 1.85 |
| Debt to equity | 0.97 | — | 1.37 | 1.8 | 1.8 | 1.47 | 0.74 | 0.55 |
| Interest coverage | 0.9 | 1.6 | -0.5 | 0.1 | 2.5 | 2.4 | 4.4 | 6.3 |
| Asset turnover | 0.28 | — | 0.07 | 0.11 | 0.23 | 0.25 | 0.24 | 0.36 |
| Return ratios | ||||||||
| Return on assets % | -0.3% | — | -3% | -1.6% | 3.8% | 5% | 2.5% | 9.4% |
| Return on capital employed % | 8.7% | — | -2.3% | 0.3% | 10.4% | 12.3% | 14.6% | 19.1% |
| Return on equity % | -0.7% | — | -8.2% | -5.1% | 12.1% | 15% | 5.6% | 17.7% |
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.