Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 34.8% | 37.4% | 34.1% | 29.2% | 22.1% | 23% | 34.1% | 22.7% |
| EBITDA margin % | 14.7% | 9.9% | -0.1% | 2.8% | -18.1% | -10% | -6.7% | -27.1% |
| EBIT margin % | 12% | 6.1% | -5.8% | -1.1% | -25.5% | -17% | -13.4% | -33.1% |
| PAT margin % | 11.3% | 5.2% | -5.3% | -0.8% | -22.3% | -14.8% | 0.7% | 717.4% |
| Working capital | ||||||||
| Receivable days | 73 | — | 77 | 33 | 37 | 39 | 53 | 53 |
| Inventory days | 57 | — | 86 | 53 | 77 | 92 | 130 | 101 |
| Payable days | 86 | — | 166 | 118 | 274 | 268 | 155 | 208 |
| NWC days | 44 | — | -4 | -33 | -160 | -136 | 28 | -53 |
| Leverage | ||||||||
| Current ratio | 1.39 | — | 0.82 | 0.62 | 0.46 | 0.41 | 1.31 | 9.37 |
| Debt to EBITDA | 0.95 | — | — | 3.05 | — | — | — | — |
| Debt to equity | 0.24 | — | 0.23 | 0.15 | 0.09 | 0.31 | 0.21 | 0 |
| Interest coverage | 29.7 | 14.1 | -9.8 | -2.2 | -21.3 | -3.2 | 1 | -26.6 |
| Asset turnover | 1 | — | 0.63 | 1.08 | 0.62 | 0.66 | 0.59 | 0.11 |
| Return ratios | ||||||||
| Return on assets % | 11.3% | — | -3.3% | -0.9% | -13.9% | -9.8% | 0.4% | 80.8% |
| Return on capital employed % | 17.4% | — | -5.1% | -1.5% | -21.6% | -14.6% | 2.6% | -2.2% |
| Return on equity % | 19% | — | -5.8% | -1.5% | -27.3% | -23.6% | 0.6% | 87.5% |
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.