Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 35.4% | 18.1% | 34.9% | 25.3% | 25.3% | 32.6% | 35.9% | 30.2% |
| EBITDA margin % | 3.7% | 6.5% | 21.3% | 14.3% | 15.9% | 17.4% | 20% | 13.2% |
| EBIT margin % | 2.2% | 2.3% | 17.3% | 10.8% | 13.1% | 13.2% | 15.6% | 8.6% |
| PAT margin % | 0.3% | 1.8% | 11.5% | 8.6% | 12.4% | 16.3% | 21.2% | 13.7% |
| Working capital | ||||||||
| Receivable days | 51 | 88 | 50 | 19 | 25 | 53 | 49 | 24 |
| Inventory days | 24 | 26 | 40 | 27 | 29 | 36 | 53 | 29 |
| Payable days | — | 84 | 78 | 57 | 56 | 51 | 67 | 40 |
| NWC days | — | 30 | 11 | -11 | -2 | 38 | 35 | 14 |
| Leverage | ||||||||
| Current ratio | 0.81 | 1.15 | 1.33 | 1.54 | 1.28 | 1.57 | 1.93 | 2.11 |
| Debt to EBITDA | 5.82 | 6.72 | 1.98 | 1.69 | 0.9 | 0.98 | 1 | 3.1 |
| Debt to equity | 0.42 | 0.46 | 0.38 | 0.2 | 0.11 | 0.1 | 0.11 | 0.22 |
| Interest coverage | 1.1 | 1.3 | 4.1 | 4.9 | 8.6 | 11.5 | 14.2 | 13.1 |
| Asset turnover | 1.04 | 0.58 | 0.56 | 0.6 | 0.61 | 0.48 | 0.44 | 0.39 |
| Return ratios | ||||||||
| Return on assets % | 0.3% | 1% | 6.4% | 5.2% | 7.6% | 7.8% | 9.3% | 5.4% |
| Return on capital employed % | 4.7% | 5% | 14.4% | 11.2% | 13.4% | 13.2% | 15.4% | 8.6% |
| Return on equity % | 0.5% | 1.9% | 10.4% | 7.3% | 9.7% | 9.9% | 11.9% | 7.4% |
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.