Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 13.3% | 23.5% | 13.3% | 9.3% | 9.3% | 11.5% |
| EBITDA margin % | 6.7% | 5.4% | 5% | 12.5% | 5.8% | 2.9% | 1.7% | 3.2% |
| EBIT margin % | 5.7% | 3.9% | 3.3% | 10.2% | 3.9% | 1.1% | -0.4% | 1.3% |
| PAT margin % | 3.7% | 1.7% | 1.9% | 7.5% | 2.5% | 0.3% | -0.9% | 0.1% |
| Working capital | ||||||||
| Receivable days | 20 | 6 | 5 | 1 | 1 | 3 | 20 | 1 |
| Inventory days | 38 | 107 | 80 | 77 | 91 | 99 | 108 | 98 |
| Payable days | 59 | 92 | 46 | 11 | 13 | 30 | — | — |
| NWC days | 0 | 21 | 39 | 67 | 79 | 72 | — | — |
| Leverage | ||||||||
| Current ratio | 1 | 1.02 | 1.05 | 1.08 | 1.13 | 1.15 | 1.09 | 1.18 |
| Debt to EBITDA | 1.64 | 3.97 | 4.08 | 2.44 | 2.93 | 5.3 | 10.07 | 4.09 |
| Debt to equity | 0.91 | 0.96 | 0.93 | 0.98 | 0.72 | 0.72 | 0.71 | 0.59 |
| Interest coverage | 7.5 | 2.7 | 2.4 | 4 | 3.7 | 1.1 | -0.1 | 1.2 |
| Asset turnover | 2.27 | 1.24 | 1.33 | 1.31 | 1.89 | 2.01 | 1.68 | 2.03 |
| Return ratios | ||||||||
| Return on assets % | 8.5% | 2.1% | 2.5% | 9.9% | 4.7% | 0.5% | -1.4% | 0.3% |
| Return on capital employed % | 33.4% | 13% | 12.5% | 36% | 18.4% | 5.5% | -0.6% | 5.6% |
| Return on equity % | 31.1% | 7.5% | 8.7% | 24.3% | 10.4% | 1.3% | -3.5% | 0.6% |
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.