Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 13.3% | 36.4% | ||||
| 4% |
| 20.3% |
| 24.3% |
| 18.1% |
| EBITDA margin % | 5.1% | 4.2% | 4.1% | -0.4% | -1.7% | -14.8% | -13.9% | -20.2% |
| EBIT margin % | 4.3% | 3.5% | 3.3% | -7.7% | -2.6% | -19.5% | -19.9% | -26.6% |
| PAT margin % | 1.3% | 1.7% | 1.5% | 13.2% | 0.7% | 0.4% | 1.7% | 2.1% |
| Working capital | ||||||||
| Receivable days | — | — | 66 | 76 | 20 | 51 | 54 | 52 |
| Inventory days | — | — | 62 | 111 | 11 | 107 | 185 | 30 |
| Payable days | — | — | 87 | 38 | 1 | 7 | 7 | 5 |
| NWC days | — | — | 41 | 149 | 30 | 150 | 232 | 78 |
| Leverage | ||||||||
| Current ratio | — | — | 1.41 | 1.61 | 4.04 | 8.06 | 3.81 | 1.06 |
| Debt to EBITDA | — | — | 1.72 | — | — | — | — | — |
| Debt to equity | — | — | 0.3 | 0.56 | 1.29 | 1.16 | 0.68 | 0 |
| Interest coverage | 1.7 | 1.7 | 1.9 | 9.4 | 1.4 | 1.3 | 1.2 | 1.7 |
| Asset turnover | — | — | 1.84 | 0.56 | 2.81 | 0.72 | 0.56 | 0.6 |
| Return ratios | ||||||||
| Return on assets % | — | — | 2.7% | 7.3% | 2% | 0.3% | 1% | 1.3% |
| Return on capital employed % | — | — | 15.8% | 1.3% | 11.2% | 8.2% | 5.6% | 2% |
| Return on equity % | — | — | 6.1% | 15.8% | 5.3% | 0.6% | 1.9% | 2.1% |
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.