Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 43.5% | 42.9% | 22.9% | 24.1% | 31.3% | 33% |
| EBITDA margin % | 7.3% | 2.6% | 14.1% | 17.3% | -5.6% | -3% | 3.1% | 3.9% |
| EBIT margin % | 3.8% | -1.3% | 10.2% | 14.8% | -9.3% | -6.7% | -0.9% | 0.1% |
| PAT margin % | 1.7% | -1.8% | 6.4% | 9.1% | -7.4% | -5.7% | -0.8% | -0.9% |
| Working capital | ||||||||
| Receivable days | 41 | 38 | 20 | 17 | 14 | 21 | 15 | 27 |
| Inventory days | 115 | 78 | 222 | 177 | 128 | 100 | 107 | 98 |
| Payable days | 62 | 41 | 61 | 91 | 110 | 82 | 71 | 103 |
| NWC days | 95 | 75 | 181 | 103 | 32 | 38 | 50 | 22 |
| Leverage | ||||||||
| Current ratio | — | — | 1.15 | 1.34 | 0.85 | 0.79 | 0.82 | 0.75 |
| Debt to EBITDA | 4.14 | 10.35 | 2.69 | 1.13 | — | — | 13.01 | 10.11 |
| Debt to equity | 1.65 | 1.56 | 1.46 | 0.79 | 1.91 | 3.15 | 3.4 | 3.61 |
| Interest coverage | 1.1 | 0.3 | 3.2 | 7.8 | -2 | -0.5 | 0.8 | 0.8 |
| Asset turnover | 1.46 | 1.71 | 1.21 | 1.43 | 1.13 | 1.2 | 1.3 | 1.36 |
| Return ratios | ||||||||
| Return on assets % | 2.5% | -3.1% | 7.7% | 13% | -8.4% | -6.8% | -1% | -1.2% |
| Return on capital employed % | — | — | 35.1% | 52.2% | -16.6% | -7% | 13.1% | 12.5% |
| Return on equity % | 9.4% | -10.4% | 24.4% | 36.5% | -35.8% | -42.8% | -6.4% | -8% |
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.