Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 25.8% | 31.9% | 31.4% | 30.4% | ||||
| 33.4% |
| 30.6% |
| 24.8% |
| 24.6% |
| EBITDA margin % | -1.1% | 5% | 8.4% | 8.7% | 9.3% | 4.5% | -1.2% | -1.6% |
| EBIT margin % | -7.3% | -1.3% | 2.5% | 3.8% | 4.6% | -0.7% | -6.7% | -7.4% |
| PAT margin % | 8.8% | 0.1% | 42.7% | 11.4% | 6.8% | 3.8% | -13.5% | -22.7% |
| Working capital | ||||||||
| Receivable days | — | 31 | 36 | 21 | 26 | 31 | 33 | 22 |
| Inventory days | — | 274 | 252 | 207 | 185 | 222 | 177 | 198 |
| Payable days | — | 1 | 80 | 72 | 53 | 64 | 47 | 46 |
| NWC days | — | 305 | 208 | 157 | 158 | 190 | 164 | 173 |
| Leverage | ||||||||
| Current ratio | — | 0.82 | 1.09 | 1.26 | 1.74 | 1.41 | 1.43 | 1.07 |
| Debt to EBITDA | — | 9.55 | 3.25 | 0.48 | 1.89 | 8.14 | — | — |
| Debt to equity | — | 0.53 | 0.21 | 0.04 | 0.18 | 0.36 | 0.48 | 0.71 |
| Interest coverage | 0.5 | 0.9 | 4.7 | 8.1 | 10.9 | 3.6 | 1.1 | 3 |
| Asset turnover | — | 0.46 | 0.47 | 0.61 | 0.73 | 0.6 | 0.72 | 0.71 |
| Return ratios | ||||||||
| Return on assets % | — | 0% | 20.2% | 7% | 4.9% | 2.3% | -9.7% | -16% |
| Return on capital employed % | — | 5.3% | 17.3% | 12.6% | 12.6% | 4.9% | 2.5% | 8.7% |
| Return on equity % | — | 0.1% | 33.3% | 10.3% | 6.8% | 3.7% | -16.9% | -37.8% |
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.