Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 70.4% | 65.5% | 47.9% | 67.2% | 57.4% | 64.6% | 67.2% | 83% |
| EBITDA margin % | 35.3% | 29.9% | -27.6% | 11.3% | 1.9% | 2.1% | 18% | 2.3% |
| EBIT margin % | 10.5% | 5.7% | -96.5% | -35% | -22% | -29% | 1.6% | -24.7% |
| PAT margin % | 10.2% | 6.6% | -111.9% | -10.4% | -14.6% | -23.3% | -2.5% | -16.6% |
| Working capital | ||||||||
| Receivable days | 86 | 91 | 209 | 79 | 133 | 205 | 160 | 269 |
| Inventory days | 500 | 390 | 621 | 723 | 389 | 534 | 374 | 1,440 |
| Payable days | 14 | 2 | 183 | 198 | 182 | 365 | 201 | 699 |
| NWC days | 572 | 478 | 646 | 604 | 340 | 374 | 333 | 1,010 |
| Leverage | ||||||||
| Current ratio | 1.4 | 1.23 | 1.36 | 1.39 | 1.01 | 0.95 | 1.04 | 0.79 |
| Debt to EBITDA | 1.46 | 2.76 | — | 15.41 | 76.01 | 77.06 | 9.45 | 118.54 |
| Debt to equity | 0.06 | 0.1 | 0.11 | 0.12 | 0.14 | 0.13 | 0.17 | 0.16 |
| Interest coverage | 2.7 | 2.2 | -3.9 | -1.1 | -0.6 | -0.5 | 0.6 | 0.3 |
| Asset turnover | 0.09 | 0.1 | 0.04 | 0.06 | 0.08 | 0.06 | 0.08 | 0.05 |
| Return ratios | ||||||||
| Return on assets % | 1% | 0.7% | -4.2% | -0.6% | -1.1% | -1.5% | -0.2% | -0.7% |
| Return on capital employed % | 2.4% | 2% | -2.7% | -0.8% | -0.8% | -0.7% | 0.9% | 0.6% |
| Return on equity % | 1.1% | 0.8% | -5% | -0.7% | -1.4% | -1.9% | -0.2% | -1% |
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.