Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 43.6% | 43.6% | 40% | 40.8% | 39.6% | 42.5% | 44.8% | 45.2% |
| EBITDA margin % | 15.5% | -14.2% | 4.4% | 9.9% | 11% | 13.2% | 14.5% | 15.1% |
| EBIT margin % | 11.6% | -22.3% | -3.3% | 4.4% | 6.8% | 9.3% | 9.6% | 10.3% |
| PAT margin % | 5.3% | -26% | -14.3% | 6.9% | 1.1% | 1.5% | 0.8% | 0.7% |
| Working capital | ||||||||
| Receivable days | 196 | 416 | 363 | 246 | 210 | 190 | 211 | 207 |
| Inventory days | 110 | 247 | 186 | 156 | 149 | 149 | 213 | 195 |
| Payable days | — | 6 | 88 | 14 | 90 | 79 | 106 | 54 |
| NWC days | — | 657 | 461 | 388 | 269 | 260 | 318 | 348 |
| Leverage | ||||||||
| Current ratio | 1.56 | 1.07 | 0.95 | 1.5 | 1.43 | 1.47 | 1.44 | 1.28 |
| Debt to EBITDA | 2.14 | — | 35.1 | 10.1 | 6.88 | 4.9 | 5.05 | 4.53 |
| Debt to equity | 0.31 | 0.67 | 0.85 | 0.62 | 0.6 | 0.51 | 0.48 | 0.47 |
| Interest coverage | 2 | -0.9 | -0.1 | 0.7 | 1.1 | 1.3 | 1.1 | 1.3 |
| Asset turnover | 0.54 | 0.23 | 0.25 | 0.34 | 0.43 | 0.46 | 0.38 | 0.41 |
| Return ratios | ||||||||
| Return on assets % | 2.9% | -6% | -3.6% | 2.3% | 0.5% | 0.7% | 0.3% | 0.3% |
| Return on capital employed % | 11.3% | -6.7% | -0.7% | 3.6% | 7.2% | 6.6% | 5.7% | 6.9% |
| Return on equity % | 5% | -12.1% | -7.9% | 4.3% | 0.9% | 1.1% | 0.5% | 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.