Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 39.5% | 39.3% | 30.7% | 29.7% | ||||
| 32.1% |
| 34% |
| 40.3% |
| 33.1% |
| EBITDA margin % | 18.9% | 14.9% | 7.4% | 11.5% | 16.1% | 12.3% | 21.8% | 15% |
| EBIT margin % | 16.4% | 11.4% | 3.5% | 9.3% | 14.3% | 9.4% | 19.5% | 13.1% |
| PAT margin % | -4.2% | 1.6% | -5.8% | -1.3% | 5.2% | -6.7% | 4.6% | 1.3% |
| Working capital | ||||||||
| Receivable days | 31 | 37 | 49 | 44 | 36 | 42 | 43 | 43 |
| Inventory days | 85 | 77 | 117 | 98 | 68 | 92 | 80 | 81 |
| Payable days | — | — | 181 | 116 | 93 | 101 | 109 | 106 |
| NWC days | — | — | -15 | 26 | 11 | 34 | 14 | 18 |
| Leverage | ||||||||
| Current ratio | — | — | 0.67 | 0.53 | 0.4 | 0.38 | 0.31 | 0.36 |
| Debt to EBITDA | 7.19 | 9.6 | 32.14 | 16.03 | 9.55 | 22.93 | 11.06 | 15.28 |
| Debt to equity | 1.77 | 1.73 | 2.88 | 4.15 | 4.01 | 5.62 | 5.9 | 6.23 |
| Interest coverage | 1.6 | 1.2 | 0.5 | 1.1 | 1.5 | 0.7 | 1.3 | 1.1 |
| Asset turnover | 0.4 | 0.39 | 0.27 | 0.38 | 0.46 | 0.28 | 0.32 | 0.34 |
| Return ratios | ||||||||
| Return on assets % | -1.7% | 0.6% | -1.6% | -0.5% | 2.4% | -1.9% | 1.5% | 0.4% |
| Return on capital employed % | — | — | 3.6% | 9.2% | 14.9% | 7.8% | 17.3% | 14.7% |
| Return on equity % | -5.5% | 1.9% | -7% | -3% | 13.5% | -13.4% | 11.1% | 3.4% |
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.