Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 25.2% | ||||
| 22.2% |
| 27.9% |
| 27.3% |
| 27.5% |
| EBITDA margin % | -0.6% | -1.7% | 2.3% | 6.5% | 4.2% | 2.6% | -0.2% | 3.3% |
| EBIT margin % | -1.6% | -2.9% | 1% | 5% | 3.2% | 1.1% | -1.9% | 1.9% |
| PAT margin % | -2.1% | -1.4% | 0.6% | 3.7% | 2.5% | -0.4% | -3.8% | 0.6% |
| Working capital | ||||||||
| Receivable days | — | — | — | 105 | 92 | 67 | 66 | 74 |
| Inventory days | 37 | 44 | 47 | 62 | 56 | 68 | 82 | 91 |
| Payable days | 98 | 83 | 84 | 110 | 84 | 87 | 104 | 137 |
| NWC days | — | — | — | 57 | 63 | 48 | 44 | 28 |
| Leverage | ||||||||
| Current ratio | 1.35 | 1.43 | 1.38 | 1.56 | 1.66 | 1.28 | 1.07 | 1.07 |
| Debt to EBITDA | — | — | 3.92 | 1.82 | 2.55 | 6.22 | — | 4.38 |
| Debt to equity | 0.2 | 0.29 | 0.28 | 0.29 | 0.35 | 0.41 | 0.43 | 0.42 |
| Interest coverage | -1.1 | 0.2 | 1.4 | 3.4 | 3.1 | 0.8 | -0.8 | 1.3 |
| Asset turnover | 1.26 | 1.28 | 1.4 | 1.2 | 1.52 | 1.25 | 1.18 | 1.18 |
| Return ratios | ||||||||
| Return on assets % | -2.6% | -1.8% | 0.8% | 4.5% | 3.8% | -0.5% | -4.4% | 0.7% |
| Return on capital employed % | -2.6% | 0.6% | 4.6% | 10.2% | 9.2% | 3.7% | -3.1% | 5.1% |
| Return on equity % | -5.8% | -3.9% | 1.8% | 9.3% | 8.1% | -1% | -10% | 1.7% |
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.