Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 57% | 62.9% | ||||
| 73.7% |
| 93.9% |
| 52% |
| 58.6% |
| EBITDA margin % | 12.2% | 28.4% | 17.8% | 24.9% | -68.3% | 19.6% | 22.1% | 22.9% |
| EBIT margin % | 12.2% | 13.9% | -0.8% | 14.1% | -78.3% | 5.4% | 6.4% | 7% |
| PAT margin % | -76.2% | 12.6% | 4.5% | 152.2% | -35.4% | 11% | 9.8% | 9.4% |
| Working capital | ||||||||
| Receivable days | — | — | 56 | 178 | 164 | 290 | 405 | 378 |
| Inventory days | — | — | 225 | 287 | 186 | 1,050 | 147 | 179 |
| Payable days | — | — | 234 | 207 | 330 | 1,241 | 0 | 113 |
| NWC days | — | — | 46 | 257 | 20 | 99 | 552 | 444 |
| Leverage | ||||||||
| Current ratio | — | — | 2.41 | 0.57 | 0.51 | 0.82 | 10.36 | 1.7 |
| Debt to EBITDA | — | — | 18.06 | 0 | — | 0 | 1.97 | 0 |
| Debt to equity | — | — | 2.91 | 0 | 0 | 0 | 0.12 | 0 |
| Interest coverage | 1.7 | 2.3 | 6.3 | 32.6 | -73.9 | 7.3 | 80.2 | 22 |
| Asset turnover | — | — | 0.21 | 0.24 | 0.31 | 0.22 | 0.19 | 0.19 |
| Return ratios | ||||||||
| Return on assets % | — | — | 0.9% | 36.8% | -10.8% | 2.4% | 1.8% | 1.8% |
| Return on capital employed % | — | — | 0.6% | 5.5% | -15.5% | 3.3% | 1.8% | 1.6% |
| Return on equity % | — | — | 4.1% | 59.2% | -18.2% | 3.6% | 2.8% | 2.1% |
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.