Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 66.9% | 70.1% | 71.5% | 70.3% | 68.7% | 69.5% | 70.8% | 70.3% |
| EBITDA margin % | 7.9% | 11.2% | 18% | 21.2% | 17.1% | 14.4% | 8.4% | 9.3% |
| EBIT margin % | 0.5% | 4.7% | 12.1% | 16.1% | 12.9% | 9.5% | 2% | 3% |
| PAT margin % | -0.3% | 2.2% | 7.5% | 10% | 8.5% | 6.5% | -0.6% | -0.3% |
| Working capital | ||||||||
| Receivable days | 73 | 69 | 69 | 70 | 77 | 83 | 90 | 117 |
| Inventory days | 209 | 230 | 245 | 248 | 228 | 207 | 299 | 235 |
| Payable days | — | — | 119 | 108 | 89 | 79 | 121 | 190 |
| NWC days | — | — | 195 | 210 | 217 | 211 | 267 | 162 |
| Leverage | ||||||||
| Current ratio | 1.2 | 1.22 | 1.52 | 1.81 | 1.89 | 1.6 | 1.37 | 1.27 |
| Debt to EBITDA | 3.16 | 1.65 | 1.16 | 0.75 | 1.17 | 1.99 | 5.89 | 4.49 |
| Debt to equity | 0.37 | 0.3 | 0.34 | 0.27 | 0.32 | 0.46 | 0.68 | 0.64 |
| Interest coverage | 0.6 | 2.1 | 6.9 | 17.7 | 8.7 | 4.8 | 0.9 | 0.9 |
| Asset turnover | 0.77 | 0.87 | 0.94 | 1.04 | 1 | 0.91 | 0.69 | 0.71 |
| Return ratios | ||||||||
| Return on assets % | -0.2% | 1.9% | 7% | 10.4% | 8.5% | 5.9% | -0.4% | -0.2% |
| Return on capital employed % | 1.4% | 6.8% | 17.8% | 25.4% | 18.9% | 13.6% | 3.3% | 5.3% |
| Return on equity % | -0.4% | 3.6% | 12% | 17.1% | 13.8% | 10.4% | -0.8% | -0.5% |
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.