Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 40.9% | 30.4% | 23.8% | 19.7% | ||||
| 21.7% |
| 23.1% |
| 32.6% |
| 39.8% |
| EBITDA margin % | 9.4% | 5.4% | 4.4% | -6.1% | -18.3% | -14.2% | -6.7% | 20.4% |
| EBIT margin % | 7.7% | 2.6% | 2.9% | -7.8% | -19.5% | -15.5% | -8.1% | 19.5% |
| PAT margin % | 4% | 3.5% | 2% | -11.1% | -24.7% | -10.9% | 18.3% | 18.6% |
| Working capital | ||||||||
| Receivable days | 188 | 198 | 242 | 334 | 397 | 382 | 409 | 219 |
| Inventory days | 59 | 49 | 29 | 14 | 23 | 25 | 46 | 71 |
| Payable days | — | 188 | 158 | 180 | 205 | 210 | 271 | 264 |
| NWC days | — | 59 | 113 | 167 | 215 | 197 | 184 | 27 |
| Leverage | ||||||||
| Current ratio | 1.19 | 1.25 | 1.22 | 1.15 | 1.04 | 0.97 | 1.13 | 1.34 |
| Debt to EBITDA | — | 2.38 | 2.13 | — | — | — | — | 0 |
| Debt to equity | — | 0.34 | 0.32 | 0.44 | 1.29 | 1.78 | 0 | 0 |
| Interest coverage | 6.8 | 3.9 | 3 | -0.8 | -4.3 | -1.7 | -0.5 | 16.5 |
| Asset turnover | 0.53 | 0.73 | 0.84 | 0.76 | 0.63 | 0.63 | 0.53 | 0.6 |
| Return ratios | ||||||||
| Return on assets % | 2.1% | 2.5% | 1.7% | -8.4% | -15.5% | -6.9% | 9.6% | 11.3% |
| Return on capital employed % | 29.5% | 18% | 17% | -6.4% | -41.8% | -35.6% | -4.6% | 69.9% |
| Return on equity % | 8.6% | 9.2% | 6.9% | -43.3% | -195.7% | -308.8% | 65.2% | 43.5% |
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.