Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 38.5% | 38% | 35.8% | 37.6% | 23.3% | 37.7% | 36.5% |
| EBITDA margin % | 28.5% | 24% | 29% | 28.3% | -0.3% | -223.2% | -209.9% |
| EBIT margin % | 28.2% | 23.8% | 28.9% | 28.2% | -0.4% | -223.9% | -210.5% |
| PAT margin % | 11.5% | 8.5% | 16.8% | 17.1% | -11.2% | -179.9% | -219.2% |
| Working capital | |||||||
| Receivable days | 39 | 39 | 174 | 299 | 290 | 1,487 | 1,584 |
| Inventory days | 872 | 846 | 583 | 680 | 567 | 4,109 | 4,941 |
| Payable days | — | — | 74 | 54 | 11 | 107 | 116 |
| NWC days | — | — | 683 | 925 | 845 | 5,489 | 6,409 |
| Leverage | |||||||
| Current ratio | 2.1 | 2.99 | 2.91 | 3.23 | 3.07 | 12.96 | 5.1 |
| Debt to EBITDA | 2.46 | 2.06 | 2.63 | 3.11 | — | — | — |
| Debt to equity | 0.78 | 0.55 | 0.75 | 0.64 | 6.07 | 0.08 | 0.03 |
| Interest coverage | 1.9 | 1.8 | 2.9 | 2.7 | 0 | -2.5 | -10 |
| Asset turnover | 0.4 | 0.39 | 0.39 | 0.31 | 0.1 | 0.02 | 0.02 |
| Return ratios | |||||||
| Return on assets % | 4.6% | 3.3% | 6.5% | 5.3% | -1.1% | -3.4% | -3.8% |
| Return on capital employed % | 21.1% | 17.5% | 19.9% | 16.1% | 0% | -2.6% | -3.6% |
| Return on equity % | 12.8% | 9.3% | 16.5% | 12.4% | -8.2% | -4.1% | -4.6% |
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.