Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 19.1% | 15.5% | 42.4% | 27.7% | 20.9% | 24.2% | 18.4% | 25.8% |
| EBITDA margin % | 2.3% | -4.2% | 1.5% | 5.7% | 5.2% | 7.3% | 2.1% | 5.9% |
| EBIT margin % | 1.3% | -5.5% | -0.2% | 4.5% | 4.3% | 6.1% | 0.9% | 4.5% |
| PAT margin % | 0.5% | -4.5% | -0.5% | 3.4% | 2.1% | 3.4% | 0.1% | 1.8% |
| Working capital | ||||||||
| Receivable days | 12 | 6 | 18 | 18 | 13 | 13 | 12 | 21 |
| Inventory days | 36 | 28 | 88 | 62 | 25 | 38 | 32 | 67 |
| Payable days | 0 | 0 | 50 | 55 | 23 | 33 | 24 | 52 |
| NWC days | 48 | 34 | 56 | 25 | 15 | 18 | 20 | 37 |
| Leverage | ||||||||
| Current ratio | 0.78 | 0.68 | 0.73 | 0.86 | 0.99 | 1.03 | 0.98 | 1.14 |
| Debt to EBITDA | 4.84 | — | 32.14 | 4.28 | 2.57 | 1.62 | 5.61 | 2.3 |
| Debt to equity | 0.75 | 1.34 | 5.62 | 2.93 | 1.7 | 0.94 | 0.99 | 1.01 |
| Interest coverage | 2.3 | -4.3 | 0 | 3.3 | 4.3 | 6 | 1.1 | 5.4 |
| Asset turnover | 2.66 | 2.35 | 1.47 | 2.15 | 3.55 | 2.97 | 3.18 | 2.37 |
| Return ratios | ||||||||
| Return on assets % | 1.2% | -10.5% | -0.7% | 7.4% | 7.5% | 10.2% | 0.1% | 4.3% |
| Return on capital employed % | 7.3% | -20% | 0% | 18.5% | 24.5% | 28.8% | 5% | 20.7% |
| Return on equity % | 3.1% | -34.9% | -5.7% | 41.1% | 26.8% | 27.1% | 0.4% | 13.6% |
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.