Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 20.7% | 26.1% | 22.9% | ||||
| 23.2% |
| 30.6% |
| 29.6% |
| 23% |
| EBITDA margin % | 4.6% | -2.4% | 4.1% | -1.9% | -0.9% | 6% | 9.1% | 6.6% |
| EBIT margin % | 2.8% | -5.6% | 0.1% | -5.3% | -4.2% | 5.2% | 8.6% | 6.3% |
| PAT margin % | 0.6% | -8.7% | -12.8% | -6.3% | 1.1% | 2.3% | 9% | 5.4% |
| Working capital | ||||||||
| Receivable days | — | — | 83 | 86 | 55 | 42 | 31 | 32 |
| Inventory days | — | — | 58 | 35 | 45 | 50 | 35 | 20 |
| Payable days | — | — | 224 | 183 | 169 | 181 | 137 | 100 |
| NWC days | — | — | -83 | -62 | -69 | -89 | -71 | -48 |
| Leverage | ||||||||
| Current ratio | — | — | 0.56 | 0.5 | 0.4 | 0.34 | 0.49 | 0.65 |
| Debt to EBITDA | — | — | 9.57 | — | — | 3.34 | 1.5 | 0.73 |
| Debt to equity | — | — | 0.88 | 0.88 | 0.55 | 0.58 | 0.39 | 0.16 |
| Interest coverage | 1.2 | -1.2 | 0.2 | -0.3 | 1.3 | 1.5 | 4.1 | 4.7 |
| Asset turnover | — | — | 0.58 | 0.68 | 0.83 | 0.84 | 1.1 | 1.44 |
| Return ratios | ||||||||
| Return on assets % | — | — | -7.4% | -4.3% | 1% | 1.9% | 9.9% | 7.8% |
| Return on capital employed % | — | — | 1.3% | -2.4% | 11.2% | 15.5% | 28.3% | 20.2% |
| Return on equity % | — | — | -28.6% | -18.8% | 3.7% | 6.6% | 25.5% | 18.1% |
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.