Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 41.9% | 39% | ||||
| 36.5% |
| 37.1% |
| 35.1% |
| 43.3% |
| EBITDA margin % | 7.6% | 7.7% | 9.6% | 11% | 2.2% | -4.5% | -11.4% | -4.5% |
| EBIT margin % | 7.6% | 3% | 5.8% | 8.9% | -0.5% | -8.6% | -16.5% | -9.2% |
| PAT margin % | 2% | 0.4% | 2.5% | 5.2% | 0.1% | -4.6% | -8% | -15.7% |
| Working capital | ||||||||
| Receivable days | 61 | — | 73 | 63 | 54 | 62 | 72 | 55 |
| Inventory days | 81 | — | 145 | 151 | 214 | 257 | 172 | 161 |
| Payable days | — | — | 135 | 124 | 69 | 69 | 66 | 73 |
| NWC days | — | — | 83 | 90 | 198 | 249 | 179 | 143 |
| Leverage | ||||||||
| Current ratio | 0.88 | — | 0.93 | 1.04 | 0.97 | 0.91 | 0.83 | 0.85 |
| Debt to EBITDA | — | — | 3.14 | 2.17 | 21.9 | — | — | — |
| Debt to equity | — | — | 1.36 | 1.25 | 1.99 | 2.14 | 1.76 | 1.28 |
| Interest coverage | 2.7 | 1 | 1.9 | 5.4 | 1 | -0.1 | -2 | -0.7 |
| Asset turnover | 1.31 | — | 1.14 | 1.4 | 1.11 | 0.86 | 0.84 | 0.86 |
| Return ratios | ||||||||
| Return on assets % | 2.6% | — | 2.8% | 7.2% | 0.1% | -3.9% | -6.8% | -13.5% |
| Return on capital employed % | 31.1% | — | 24.3% | 51% | 8.7% | -2% | -37.8% | -11.9% |
| Return on equity % | 11.8% | — | 11% | 27.1% | 0.4% | -14.8% | -23.3% | -39.3% |
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.