Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 85.7% | — | — | 77.7% | ||||
| 73.7% |
| 74% |
| 74.9% |
| 90.4% |
| EBITDA margin % | 5.9% | 4.8% | -1.7% | 20.9% | 9.1% | 10.5% | -7.1% | -9.9% |
| EBIT margin % | 2.7% | 1.2% | -5.3% | 18.1% | 6.2% | 8% | -10.6% | -14% |
| PAT margin % | 0% | 5.1% | -4.3% | 12.2% | 14.7% | 6.7% | -12% | -13.6% |
| Working capital | ||||||||
| Receivable days | 6 | 8 | — | 7 | 3 | 4 | 5 | 3 |
| Inventory days | 152 | 28 | — | 75 | 89 | 95 | 87 | 294 |
| Payable days | 153 | 25 | — | 63 | 64 | 58 | 104 | 380 |
| NWC days | 5 | 10 | — | 19 | 29 | 41 | -11 | -83 |
| Leverage | ||||||||
| Current ratio | — | — | — | 0.53 | 0.48 | 0.5 | 0.27 | 0.29 |
| Debt to EBITDA | 11.96 | 15.85 | — | 1.98 | 3.3 | 2.4 | — | — |
| Debt to equity | 1.33 | 1.33 | — | 1.05 | 0.52 | 0.5 | 0.58 | 1.13 |
| Interest coverage | 1 | 1.5 | 0.1 | 3.6 | 4.9 | 4 | -3.5 | -1.4 |
| Asset turnover | 0.64 | 0.62 | 1.12 | 0.99 | 0.93 | 1.06 | 0.77 | 0.63 |
| Return ratios | ||||||||
| Return on assets % | 0% | 3.1% | -4.8% | 12.1% | 13.7% | 7.1% | -9.3% | -8.6% |
| Return on capital employed % | — | — | — | 26.7% | 26.5% | 13% | -11.3% | -8.6% |
| Return on equity % | 0% | 8.9% | — | 31.1% | 25.2% | 13.3% | -20.9% | -23% |
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.