Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 12.4% | 20.7% | 21.7% | 16.7% | 13.8% | 10.7% |
| EBITDA margin % | -6% | -0.7% | -7.8% | 1.2% | 2.5% | 2.6% | 2.6% | 2.4% |
| EBIT margin % | -9.5% | -2.4% | -10.6% | -0.3% | 1% | 1.5% | 1.9% | 2% |
| PAT margin % | -17.6% | -1.4% | -15.6% | 2.9% | 2.7% | 4.8% | 3.5% | 2.4% |
| Working capital | ||||||||
| Receivable days | 70 | — | 131 | 93 | 76 | 112 | 62 | 67 |
| Inventory days | 35 | — | 17 | 33 | 36 | 17 | 15 | 11 |
| Payable days | 72 | — | 172 | 160 | 126 | 161 | 67 | — |
| NWC days | 33 | — | -24 | -34 | -14 | -32 | 10 | — |
| Leverage | ||||||||
| Current ratio | 1.03 | — | 0.87 | 0.99 | 1.03 | 1.11 | 1.27 | 1.25 |
| Debt to EBITDA | — | — | — | 7.93 | 2.69 | 1.49 | 0.94 | 0.65 |
| Debt to equity | 1.04 | — | 0.27 | 0.14 | 0.15 | 0.1 | 0.09 | 0.15 |
| Interest coverage | -2.2 | 1 | -1.3 | 3.3 | 3.3 | 6.2 | 8.3 | 12.4 |
| Asset turnover | 1.02 | — | 0.64 | 0.82 | 1.17 | 1.15 | 2.02 | 2.21 |
| Return ratios | ||||||||
| Return on assets % | -17.9% | — | -9.9% | 2.4% | 3.2% | 5.5% | 7.1% | 5.2% |
| Return on capital employed % | -8.9% | — | -5.2% | 9.4% | 8.3% | 12.4% | 11.1% | 13.4% |
| Return on equity % | -104.2% | — | -20.1% | 4.3% | 6.1% | 12.1% | 13.2% | 22.6% |
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.