Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 24.9% | 30.1% | 31.6% | ||||
| 21.8% |
| 10.8% |
| — |
| 17.5% |
| EBITDA margin % | — | 3.4% | 4.2% | 4.8% | 0.7% | 3.8% | 4.4% | 3.6% |
| EBIT margin % | — | 1.7% | 2.6% | 4.4% | 0.2% | 3.6% | 4% | 2.3% |
| PAT margin % | — | 4.5% | 1.3% | 4.6% | 1.7% | 1.4% | 3.3% | 2.2% |
| Working capital | ||||||||
| Receivable days | — | 273 | 137 | 230 | 185 | 76 | 111 | 76 |
| Inventory days | — | 46 | 55 | 103 | 229 | 196 | 123 | 249 |
| Payable days | — | 0 | 0 | 237 | 45 | 7 | 65 | 38 |
| NWC days | — | 320 | 192 | 95 | 369 | 265 | 170 | 288 |
| Leverage | ||||||||
| Current ratio | — | 2 | 35.71 | 1.04 | 1.02 | 0.92 | 1.16 | 1.13 |
| Debt to EBITDA | — | 12.39 | 0.05 | 2.34 | 120.05 | 12.34 | 11.39 | 22.35 |
| Debt to equity | — | 0.62 | 0 | 0.49 | 5.96 | 8.22 | 2.08 | 2.37 |
| Interest coverage | -0.6 | 2.7 | 1.7 | — | 2.7 | 1.8 | 2.7 | 1.5 |
| Asset turnover | — | 0.9 | 1.22 | 0.96 | 0.84 | 1.16 | 1.02 | 0.77 |
| Return ratios | ||||||||
| Return on assets % | — | 4% | 1.6% | 4.4% | 1.5% | 1.6% | 3.3% | 1.7% |
| Return on capital employed % | — | 14.4% | 3.3% | 29.9% | 28.2% | 86.8% | 48.2% | 19.6% |
| Return on equity % | — | 6.6% | 1.6% | 20% | 12.4% | 24.1% | 13.5% | 6.5% |
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.