Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 61% | 51.7% | 39.6% | 78.1% | ||||
| 39.8% |
| 35.5% |
| 36.7% |
| 39.7% |
| EBITDA margin % | -5.6% | -2.6% | -14.3% | 9.4% | 16.7% | 16.2% | 16.3% | 14.3% |
| EBIT margin % | -6.7% | -3.9% | -16.6% | 6.7% | 15.9% | 15.5% | 15.2% | 12.8% |
| PAT margin % | 3% | 2.2% | 0.7% | 11.9% | 11.8% | 12.8% | 13.2% | 11.2% |
| Working capital | ||||||||
| Receivable days | 348 | — | 46 | 72 | 34 | 89 | 98 | 46 |
| Inventory days | 324 | — | 162 | 1,627 | 222 | 92 | 31 | 167 |
| Payable days | — | — | 62 | 259 | 48 | 25 | 55 | 60 |
| NWC days | — | — | 146 | 1,439 | 208 | 156 | 74 | 153 |
| Leverage | ||||||||
| Current ratio | — | — | 4.31 | 5.13 | 1.85 | 3.21 | 2.41 | 3.82 |
| Debt to EBITDA | — | — | — | 4 | 0.89 | 0.6 | 0.27 | 0.11 |
| Debt to equity | 0.01 | — | 0 | 0.14 | 0.24 | 0.15 | 0.05 | 0.01 |
| Interest coverage | 10.6 | 7.1 | 1.9 | 12.9 | 14.1 | 25 | 20.3 | 16 |
| Asset turnover | 0.25 | — | 0.46 | 0.26 | 0.84 | 1.09 | 0.85 | 0.52 |
| Return ratios | ||||||||
| Return on assets % | 0.7% | — | 0.3% | 3.1% | 9.9% | 14% | 11.2% | 5.8% |
| Return on capital employed % | — | — | 1.2% | 9.3% | 30.4% | 32.8% | 24.9% | 14.8% |
| Return on equity % | 2.6% | — | 0.4% | 4.4% | 18.8% | 19.4% | 15.5% | 7.4% |
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.