Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 57.2% | 19.1% | 16.7% | 23.6% | 20.8% | 20.7% | 18.2% | 15.5% |
| EBITDA margin % | 10.9% | 0.1% | -1.2% | 3.5% | -1.8% | 4% | -2% | -8% |
| EBIT margin % | 8.6% | -2% | -3.1% | 1.8% | -4% | 2.2% | -4.3% | -10.4% |
| PAT margin % | 2.8% | -3.1% | 6.4% | -0.6% | 22.3% | 19.2% | -0.8% | -1.3% |
| Working capital | ||||||||
| Receivable days | — | — | 35 | 17 | 13 | 15 | 17 | 22 |
| Inventory days | — | — | 362 | 341 | 435 | 297 | 240 | 312 |
| Payable days | — | — | 12 | 17 | 19 | 16 | 9 | 7 |
| NWC days | — | — | 384 | 341 | 430 | 296 | 247 | 326 |
| Leverage | ||||||||
| Current ratio | — | — | 1.77 | 1.92 | 1.79 | 1.93 | 2.8 | 2.19 |
| Debt to EBITDA | — | — | — | 19.85 | — | 13.07 | — | — |
| Debt to equity | — | — | 1 | 0.71 | 0.6 | 0.41 | 0.3 | 0.38 |
| Interest coverage | 2.4 | 0.2 | 1.5 | 0.9 | 4.1 | 6.6 | 1.1 | 0.7 |
| Asset turnover | — | — | 0.52 | 0.54 | 0.4 | 0.51 | 0.45 | 0.37 |
| Return ratios | ||||||||
| Return on assets % | — | — | 3.3% | -0.3% | 9% | 9.8% | -0.3% | -0.5% |
| Return on capital employed % | — | — | 9.6% | 4.7% | 15.7% | 17.4% | 2.3% | 1.3% |
| Return on equity % | — | — | 7.1% | -0.7% | 15.7% | 15.2% | -0.5% | -0.7% |
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.