Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 38% | 40% | 34.7% | 37.1% | 41.4% | 44% |
| EBITDA margin % | 5.7% | 3.3% | 2.1% | 5.7% | 5.2% | 2.4% | 4.3% | 4.9% |
| EBIT margin % | 4.3% | 0.8% | -2.6% | 3.4% | 3.2% | 0.2% | 2.5% | 2.8% |
| PAT margin % | 1.5% | -1.4% | -4.1% | 0.3% | 0.5% | -0.7% | 0.7% | 2% |
| Working capital | ||||||||
| Receivable days | 64 | 58 | 128 | 85 | 65 | 57 | 52 | 48 |
| Inventory days | 72 | 71 | 212 | 163 | 114 | 142 | 93 | 95 |
| Payable days | 0 | 39 | 125 | 111 | 64 | 77 | 56 | 42 |
| NWC days | 136 | 90 | 215 | 136 | 115 | 122 | 89 | 101 |
| Leverage | ||||||||
| Current ratio | — | 1.15 | 1.1 | 1.22 | 1.27 | 1.3 | 1.47 | 1.81 |
| Debt to EBITDA | 2.62 | 5.17 | 16.19 | 4.41 | 4.19 | 7.08 | 2.54 | 1.46 |
| Debt to equity | 1.09 | 1.29 | 1.42 | 1.89 | 1.7 | 1.05 | 0.54 | 0.29 |
| Interest coverage | 2 | 0.4 | 0 | 1.1 | 1.3 | 0.8 | 1.4 | 2.1 |
| Asset turnover | 2.11 | 1.87 | 0.95 | 1.46 | 1.81 | 1.8 | 2.19 | 2.33 |
| Return ratios | ||||||||
| Return on assets % | 3.1% | -2.5% | -3.9% | 0.4% | 1% | -1.2% | 1.5% | 4.5% |
| Return on capital employed % | 17% | 3.3% | 0.2% | 15.6% | 18.4% | 10.9% | 12.3% | 11.1% |
| Return on equity % | 10.7% | -10.2% | -17.4% | 1.9% | 4.1% | -4.1% | 3.4% | 7.8% |
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.