Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 31.4% | 29.2% | ||||
| 27.7% |
| — |
| 29.1% |
| 30.7% |
| EBITDA margin % | 1.5% | -6.7% | 3.8% | 4% | 5.6% | 6.7% | 7% | 8.4% |
| EBIT margin % | -4.1% | -14.9% | -3.3% | -2.1% | 1% | 3.1% | 4.9% | 6.6% |
| PAT margin % | -3.3% | -11.3% | 0.4% | 1.2% | 2.7% | 4.7% | 5.5% | 6.4% |
| Working capital | ||||||||
| Receivable days | — | — | 736 | 512 | 367 | 334 | 294 | 220 |
| Inventory days | — | — | 52 | 72 | 40 | 32 | 61 | 95 |
| Payable days | — | — | 344 | 346 | 251 | — | 238 | 206 |
| NWC days | — | — | 444 | 238 | 155 | — | 117 | 109 |
| Leverage | ||||||||
| Current ratio | — | — | 0.53 | 1.61 | 1.03 | 0.91 | 0.76 | 0.81 |
| Debt to EBITDA | — | — | 109.69 | 56.39 | 29.34 | 20.45 | 12.86 | 9.03 |
| Debt to equity | — | — | -1.58 | -3.46 | -3.45 | -3.69 | -4.24 | -6.18 |
| Interest coverage | -3.7 | -16.5 | 2.6 | 25.4 | 24.6 | 29.4 | 22.7 | 47.4 |
| Asset turnover | — | — | 0.33 | 0.41 | 0.56 | 0.64 | 0.8 | 0.88 |
| Return ratios | ||||||||
| Return on assets % | — | — | 0.1% | 0.5% | 1.5% | 3% | 4.4% | 5.7% |
| Return on capital employed % | — | — | -1% | 4.2% | 9.6% | 17.2% | -141.3% | -104.5% |
| Return on equity % | — | — | -0.1% | -1.9% | -5.6% | -12.7% | -26% | -52.5% |
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.