Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 25% | 31.5% | 44.3% | 43.6% | 60.9% | 51.4% |
| EBITDA margin % | 4.5% | 5.6% | -22.3% | 10.7% | 11.6% | 9.1% | 14.5% | 7.2% |
| EBIT margin % | 2.2% | 3.6% | -24.2% | 10.2% | 10.4% | 6.8% | 11.8% | 4.3% |
| PAT margin % | 0.1% | 1.6% | -51.8% | 7.3% | 6.8% | 2.3% | 3.8% | 3.2% |
| Working capital | ||||||||
| Receivable days | — | — | 83 | 81 | 80 | 103 | 159 | 268 |
| Inventory days | — | — | 25 | 13 | 16 | 20 | 42 | 60 |
| Payable days | — | — | 79 | 59 | 14 | 28 | 211 | 47 |
| NWC days | — | — | 29 | 34 | 82 | 95 | -11 | 282 |
| Leverage | ||||||||
| Current ratio | — | — | 0.81 | 1.08 | 1.49 | 1.39 | 1.31 | 1.91 |
| Debt to EBITDA | — | — | — | 2.69 | 4.08 | 10.47 | 11.27 | 37.44 |
| Debt to equity | — | — | 0.77 | 0.69 | 0.69 | 1.09 | 1.11 | 1.06 |
| Interest coverage | 1.3 | 1.7 | -2.5 | 3.3 | 3 | 1.6 | 1.1 | 1.3 |
| Asset turnover | — | — | 0.53 | 1.17 | 0.74 | 0.49 | 0.29 | 0.18 |
| Return ratios | ||||||||
| Return on assets % | — | — | -27.3% | 8.6% | 5% | 1.2% | 1.1% | 0.6% |
| Return on capital employed % | — | — | -17.1% | 20.7% | 17% | 11.1% | 11.1% | 6.8% |
| Return on equity % | — | — | -54.6% | 17.5% | 9.9% | 2.7% | 2.6% | 1.2% |
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.