Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 19.1% | 13.8% | 19.1% | 17.5% | 29.1% | 34.6% |
| EBITDA margin % | 1.5% | -3.5% | 2% | 3.3% | 5.9% | 2.5% | 7.9% | 4.2% |
| EBIT margin % | 1% | -4.1% | 0.9% | 2.7% | 5.3% | 2.2% | 7.7% | 4% |
| PAT margin % | 7.6% | 4.3% | 1.5% | 1.8% | 3.4% | 0.4% | 1.1% | 2.6% |
| Working capital | ||||||||
| Receivable days | — | — | 126 | 68 | 69 | 105 | 29 | 28 |
| Inventory days | — | — | 311 | 140 | 270 | 129 | 84 | 72 |
| Payable days | — | — | 389 | 145 | 240 | 124 | 75 | 69 |
| NWC days | — | — | 49 | 63 | 99 | 110 | 38 | 31 |
| Leverage | ||||||||
| Current ratio | — | — | 1.3 | 1.42 | 1.49 | 1.82 | 1.07 | 1.14 |
| Debt to EBITDA | — | — | 4.44 | 4.27 | 4.12 | 21.67 | 2.79 | 3.16 |
| Debt to equity | — | — | 0.2 | 0.35 | 0.45 | 1.85 | 1.11 | 0.66 |
| Interest coverage | 23.5 | 33 | 6.5 | 5.3 | 6.1 | 1.2 | 3.1 | 2.7 |
| Asset turnover | — | — | 0.71 | 1.08 | 0.73 | 0.85 | 1.74 | 2.11 |
| Return ratios | ||||||||
| Return on assets % | — | — | 1.1% | 1.9% | 2.5% | 0.4% | 1.8% | 5.4% |
| Return on capital employed % | — | — | 5.3% | 8.1% | 7.6% | 5.8% | 18.2% | 20.2% |
| Return on equity % | — | — | 3.4% | 4.4% | 6.4% | 1.5% | 5.3% | 12.7% |
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.