Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 67.5% | 75.6% | 70% | 66.2% | 70.9% | 69% | 63.5% | 63.4% |
| EBITDA margin % | -3.4% | 6% | 12.3% | 6.6% | 5.6% | 2.1% | 4.6% | 4.6% |
| EBIT margin % | -4.6% | 4.9% | 11.4% | 5.7% | 4.7% | 1% | 3.1% | 3.3% |
| PAT margin % | -6.8% | 2.4% | 9% | 4.9% | 3.7% | -1.5% | 2.9% | 5.4% |
| Working capital | ||||||||
| Receivable days | 10 | 8 | 13 | 10 | 9 | 14 | 9 | 10 |
| Inventory days | 94 | 157 | 94 | 80 | 97 | 89 | 75 | 85 |
| Payable days | — | 186 | 117 | 118 | 118 | 160 | 123 | 114 |
| NWC days | — | -22 | -10 | -27 | -12 | -58 | -38 | -19 |
| Leverage | ||||||||
| Current ratio | 0.39 | 0.44 | 0.49 | 0.51 | 0.47 | 0.4 | 0.4 | 0.45 |
| Debt to EBITDA | — | 4.49 | 1.73 | 2.75 | 3.38 | 9.02 | 4.23 | 4.33 |
| Debt to equity | 1.34 | 1.33 | 0.83 | 0.62 | 0.59 | 0.65 | 0.65 | 0.6 |
| Interest coverage | -0.7 | 1.6 | 4 | 3.1 | 2.5 | 1 | 2.1 | 3.3 |
| Asset turnover | 0.95 | 0.96 | 1.11 | 1.12 | 1.09 | 1.05 | 1.09 | 1.07 |
| Return ratios | ||||||||
| Return on assets % | -6.5% | 2.3% | 9.9% | 5.5% | 4% | -1.6% | 3.2% | 5.8% |
| Return on capital employed % | -5.3% | 13.5% | 26.4% | 14.7% | 11.8% | 5.3% | 11% | 15% |
| Return on equity % | -30.7% | 11.8% | 35.1% | 16.6% | 11.4% | -5.1% | 9.7% | 16.3% |
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.