Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 15.5% | 19% | — | 22.1% | 17.2% | 14.4% |
| EBITDA margin % | 8.8% | 9% | 8.8% | 9.4% | 8.8% | 11.3% | 7.1% | 4.6% |
| EBIT margin % | 8.8% | 9% | 6.6% | 6.9% | 5.9% | 6.6% | 4.1% | 2.5% |
| PAT margin % | 3.5% | 5.9% | 1% | 0.4% | 0.1% | 3% | 0.4% | 0.2% |
| Working capital | ||||||||
| Receivable days | — | — | 73 | 80 | 58 | 82 | 41 | 69 |
| Inventory days | — | — | 172 | 240 | — | 429 | 296 | 175 |
| Payable days | — | — | 92 | 137 | 135 | 321 | 229 | 235 |
| NWC days | — | — | 153 | 183 | — | 189 | 108 | 9 |
| Leverage | ||||||||
| Current ratio | — | — | 1.47 | 1.22 | 1.16 | 1.05 | 0.66 | 0.66 |
| Debt to EBITDA | — | — | 4.3 | 3.82 | 4.99 | 5.53 | 7.68 | 6.39 |
| Debt to equity | — | — | 2 | 1.1 | 1.54 | 1.19 | 1.53 | 1.29 |
| Interest coverage | 1.9 | 2 | 1.3 | 1.3 | 1 | 1.3 | 1.1 | 1.1 |
| Asset turnover | — | — | 0.84 | 0.67 | 0.6 | 0.38 | 0.49 | 0.72 |
| Return ratios | ||||||||
| Return on assets % | — | — | 0.8% | 0.2% | 0.1% | 1.1% | 0.2% | 0.1% |
| Return on capital employed % | — | — | 12% | 10.4% | 9.6% | 13.3% | 12.6% | 13.7% |
| Return on equity % | — | — | 5.3% | 1.1% | 0.3% | 5.6% | 1% | 0.8% |
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.