Standalone figures
| Ratio | Mar 2018 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 43.9% | 42.1% | 43.9% | 37.2% | 39.7% | 34.6% | 29.1% | 22.2% |
| EBITDA margin % | 8.6% | 10.1% | 17% | 13.5% | 12.2% | 7.1% | 2.3% | 1.2% |
| EBIT margin % | 7.8% | 9.4% | 16.3% | 12.9% | 11.7% | 6.6% | 1.4% | 0.6% |
| PAT margin % | -6.8% | 35.2% | 10.8% | 8% | 9.9% | 2.9% | 1% | -0.7% |
| Working capital | ||||||||
| Receivable days | 96 | — | — | — | 28 | 11 | 26 | 22 |
| Inventory days | 145 | — | — | — | 96 | 126 | 120 | 101 |
| Payable days | 108 | — | — | — | 37 | 53 | 59 | 20 |
| NWC days | 132 | — | — | — | 87 | 84 | 86 | 104 |
| Leverage | ||||||||
| Current ratio | 1.01 | — | — | — | 1.08 | 1.05 | 1.02 | 0.93 |
| Debt to EBITDA | 14.41 | — | — | — | 2.4 | 4.94 | 18.67 | 57.59 |
| Debt to equity | -1.59 | — | — | — | 1.42 | 1.29 | 1.29 | 2.95 |
| Interest coverage | 0.6 | 1 | 2.4 | 2.8 | 3.5 | 2.2 | 1.1 | 0.8 |
| Asset turnover | 1.23 | — | — | — | 1.14 | 0.87 | 0.68 | 0.96 |
| Return ratios | ||||||||
| Return on assets % | -8.3% | — | — | — | 11.3% | 2.5% | 0.7% | -0.7% |
| Return on capital employed % | 46.2% | — | — | — | 57% | 34.7% | 17.5% | 13.8% |
| Return on equity % | 8.6% | — | — | — | 48.1% | 10.6% | 3% | -2.9% |
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.