Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 22.4% | 28.7% | 38.6% | 43.3% | 30.3% | 44.5% | 48.8% | 73.8% |
| EBITDA margin % | 15.7% | 20.7% | 28.1% | 28.7% | 21% | 33.5% | 30.6% | 33.5% |
| EBIT margin % | 8.6% | 12.2% | 15.7% | 19.7% | 15.5% | 28.2% | 24.5% | 26.1% |
| PAT margin % | 4.9% | 11.5% | 6.4% | 15.6% | 12.4% | 18.5% | 31% | 28.4% |
| Working capital | ||||||||
| Receivable days | 40 | 50 | 32 | 52 | 41 | 44 | 56 | 61 |
| Inventory days | 32 | 64 | 49 | 137 | 71 | 56 | 39 | 149 |
| Payable days | — | 0 | 147 | 156 | 82 | 130 | 77 | 8 |
| NWC days | — | 114 | -67 | 33 | 30 | -29 | 19 | 203 |
| Leverage | ||||||||
| Current ratio | 0.53 | 1.01 | 0.8 | 2.92 | 0.53 | 0.58 | 0.55 | 0.23 |
| Debt to EBITDA | 2.55 | 1.71 | 1.97 | 1.22 | 5.2 | 4.08 | 8.09 | 14.68 |
| Debt to equity | 0.2 | 0.16 | 0.14 | 0.09 | 0.46 | 0.46 | 0.44 | 0.61 |
| Interest coverage | 1.9 | 2.2 | 2.5 | 7.4 | 4.5 | 3.5 | 4.5 | 2 |
| Asset turnover | 0.33 | 0.32 | 0.2 | 0.22 | 0.26 | 0.21 | 0.12 | 0.07 |
| Return ratios | ||||||||
| Return on assets % | 1.6% | 3.7% | 1.3% | 3.4% | 3.2% | 3.9% | 3.6% | 2.1% |
| Return on capital employed % | 6.3% | 6.1% | 4.3% | 6.8% | 7.1% | 8.6% | 6.6% | 5.6% |
| Return on equity % | 2.5% | 5.3% | 1.6% | 4.2% | 5.2% | 6.3% | 5.5% | 3.5% |
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.