Standalone figures
| Ratio | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Margins | ||||
| Gross margin % | 61.6% | 50.3% | 44.6% | 22.9% |
| EBITDA margin % | 6.8% | 8.5% | 11.9% | 6.8% |
| EBIT margin % | 4% | 5.3% | 9.6% | 5.3% |
| PAT margin % | 0.3% | 1.1% | 5.1% | 1.7% |
| Working capital | ||||
| Receivable days | 56 | — | 187 | 125 |
| Inventory days | 439 | 347 | 376 | 275 |
| Payable days | 34 | — | 78 | 79 |
| NWC days | 460 | — | 485 | 320 |
| Leverage | ||||
| Current ratio | 3.49 | 2.97 | 2.8 | 2.31 |
| Debt to EBITDA | 3.03 | — | 2.37 | 3.52 |
| Debt to equity | 0.33 | — | 0.38 | 0.41 |
| Interest coverage | 1.1 | 1.2 | 2.8 | 1.8 |
| Asset turnover | 1.03 | 0.73 | 0.8 | 0.93 |
| Return ratios | ||||
| Return on assets % | 0.3% | 0.8% | 4.1% | 1.5% |
| Return on capital employed % | 6.9% | 7.3% | 15.2% | 9.4% |
| Return on equity % | 0.4% | — | 7% | 2.8% |
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.