Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 40.3% | 46.4% | 46.5% | — | ||||
| 48.8% |
| 54.7% |
| 63% |
| — |
| EBITDA margin % | 9.3% | 11.8% | 15.8% | -7.7% | 0.4% | 2.1% | 4.3% | 18.5% |
| EBIT margin % | 6.8% | 8.4% | 12.1% | -14.8% | -4.9% | -4.1% | -2.8% | 16.2% |
| PAT margin % | 4.3% | 10.2% | 7.9% | 89.5% | 6.2% | 4% | 2.6% | 24% |
| Working capital | ||||||||
| Receivable days | 51 | 49 | 0 | 544 | 85 | 90 | 101 | 33 |
| Inventory days | 87 | 142 | 0 | 1,248 | 276 | 258 | 308 | 0 |
| Payable days | 1 | 134 | 4 | 612 | 145 | 152 | 205 | 15 |
| NWC days | 137 | 58 | -4 | 1,179 | 216 | 196 | 204 | 18 |
| Leverage | ||||||||
| Current ratio | 0.99 | 1.25 | 0.55 | 2.08 | 1.6 | 1.71 | 1.56 | 0.9 |
| Debt to EBITDA | 4.99 | 5.26 | 1.15 | — | 93.63 | 20.78 | 9.54 | 1.02 |
| Debt to equity | 0.68 | 0.75 | 0.38 | 0.07 | 0.12 | 0.14 | 0.13 | 0.02 |
| Interest coverage | 2.4 | 3.2 | 3.7 | 3.7 | 5.3 | 2.4 | 2.6 | 6.2 |
| Asset turnover | 0.71 | 0.58 | 1.47 | 0.03 | 0.27 | 0.26 | 0.26 | 0.11 |
| Return ratios | ||||||||
| Return on assets % | 3% | 5.9% | 11.6% | 2.7% | 1.7% | 1.1% | 0.7% | 2.6% |
| Return on capital employed % | 9% | 11.5% | 13% | 5.2% | 3.7% | 2.7% | 3% | 1.8% |
| Return on equity % | 6.3% | 12.3% | 16.7% | 3.2% | 2.1% | 1.3% | 0.8% | 2.7% |
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.