Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 45.7% | 45.4% | 31.7% | 37.4% | ||||
Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 45.7% | 45.4% | 31.7% | 37.4% | ||||
| 29.4% |
| 34.9% |
| 37.5% |
| 34.2% |
| EBITDA margin % | 4.2% | 3.8% | -7.6% | 5.3% | -2.9% | 5.6% | 5.9% | 3.7% |
| EBIT margin % | 2.6% | 1.1% | -10.1% | 4.3% | -3.8% | 4.7% | 4.9% | 2.5% |
| PAT margin % | -2.3% | -6.9% | 1.7% | 2.6% | 3.3% | 2% | 1.8% | 13.3% |
| Working capital | ||||||||
| Receivable days | 46 | 54 | 70 | 38 | 34 | 42 | 32 | 29 |
| Inventory days | 235 | 324 | 221 | 182 | 133 | 161 | 239 | 278 |
| Payable days | — | — | 85 | 62 | 50 | 47 | 71 | 64 |
| NWC days | — | — | 206 | 157 | 117 | 155 | 200 | 243 |
| Leverage | ||||||||
| Current ratio | 1.32 | 1.37 | 3.76 | 1.44 | 3.04 | 3.61 | 1.12 | 1.36 |
| Debt to EBITDA | 16.19 | 25.11 | — | 7.25 | — | 5.1 | 5.35 | 9.7 |
| Debt to equity | 2.65 | 3.99 | 2.03 | 1.76 | 1.71 | 1.57 | 1.62 | 1 |
| Interest coverage | 0.6 | 0.2 | 1.3 | 1.8 | 2.1 | 2 | 2 | 4.8 |
| Asset turnover | 0.8 | 0.63 | 0.79 | 1.31 | 1.77 | 1.7 | 1.39 | 1.14 |
| Return ratios | ||||||||
| Return on assets % | -1.9% | -4.4% | 1.4% | 3.4% | 5.8% | 3.4% | 2.5% | 15.2% |
| Return on capital employed % | 6.7% | 3.2% | 15% | 10.8% | 17.9% | 10.8% | 14.5% | 44.3% |
| Return on equity % | -9.2% | -29.2% | 5.1% | 12.2% | 21% | 11% | 9.1% | 37.5% |
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.