Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 84.2% | — | 45.7% | 42.3% | 39.5% | 43% | 39.8% | 38.6% |
| EBITDA margin % | 23.1% | 27% | -57.5% | -67.5% | 6.1% | 12.8% | 15.7% | 18.8% |
| EBIT margin % | 22.3% | 25.4% | -58.7% | -69.2% | 4.9% | 11.6% | 14.9% | 18.1% |
| PAT margin % | 7.7% | -23.6% | -63.9% | -66.1% | 4.9% | 2.9% | 28% | 31% |
| Working capital | ||||||||
| Receivable days | 337 | — | 284 | 462 | 316 | 309 | 286 | 229 |
| Inventory days | 6,903 | — | 3,372 | 4,221 | 3,200 | 3,378 | 2,359 | 1,979 |
| Payable days | 800 | — | 348 | 470 | 323 | 303 | 259 | 199 |
| NWC days | 6,439 | — | 3,308 | 4,212 | 3,193 | 3,384 | 2,385 | 2,009 |
| Leverage | ||||||||
| Current ratio | 1.03 | — | 1.05 | 1.01 | 1.05 | 1.27 | 2.83 | 2.5 |
| Debt to EBITDA | 3.86 | — | — | — | 30.47 | 14.65 | 6.28 | 6.2 |
| Debt to equity | 0.18 | — | 0.32 | 0.32 | 0.28 | 0.27 | 0.1 | 0.14 |
| Interest coverage | 1.1 | 0.7 | -1.6 | -1.1 | 0.6 | 1.1 | 4.2 | 2.4 |
| Asset turnover | 0.08 | — | 0.06 | 0.05 | 0.06 | 0.07 | 0.08 | 0.09 |
| Return ratios | ||||||||
| Return on assets % | 0.6% | — | -4.1% | -3.3% | 0.3% | 0.2% | 2.1% | 2.7% |
| Return on capital employed % | 18% | — | -6.1% | -4.1% | 1.8% | 3.5% | 7.4% | 7.8% |
| Return on equity % | 1.5% | — | -10.3% | -8.6% | 0.8% | 0.4% | 2.9% | 3.8% |
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.