Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 45.4% | 44.8% | 44.8% | 40.6% | ||||
| 32.9% |
| 32.2% |
| 37.6% |
| 35.8% |
| EBITDA margin % | 6.7% | 6.5% | 7.7% | 3.7% | 3.6% | 2.6% | 3.1% | 3.9% |
| EBIT margin % | 5.9% | 3.7% | 5.1% | 1.5% | 2.4% | 1.1% | 1.2% | 2% |
| PAT margin % | 2.4% | -1.3% | 2.1% | 0.7% | 1.5% | 0.3% | 0.4% | 0.8% |
| Working capital | ||||||||
| Receivable days | — | 215 | 81 | 65 | 51 | 63 | 60 | 92 |
| Inventory days | — | 64 | 24 | 87 | 56 | 40 | 27 | 29 |
| Payable days | — | 45 | 41 | 56 | 32 | 33 | 45 | 39 |
| NWC days | — | 234 | 65 | 96 | 75 | 70 | 42 | 81 |
| Leverage | ||||||||
| Current ratio | — | 1.03 | 1.07 | 1.03 | 1.08 | 0.98 | 1.01 | 1.01 |
| Debt to EBITDA | — | 9.23 | 1.95 | 5.48 | 3.72 | 6.61 | 3.28 | 4.75 |
| Debt to equity | — | 4.13 | 0.82 | 1.37 | 1.44 | 1.51 | 0.72 | 1.39 |
| Interest coverage | 2.5 | 1.3 | 2.2 | 2.1 | 3 | 1.3 | 1.5 | 1.9 |
| Asset turnover | — | 0.9 | 1.41 | 1.48 | 2.32 | 2.08 | 2.12 | 1.83 |
| Return ratios | ||||||||
| Return on assets % | — | -1.2% | 3% | 1% | 3.6% | 0.6% | 0.8% | 1.4% |
| Return on capital employed % | — | 10.7% | 12.4% | 5.4% | 17.4% | 7.2% | 7.3% | 11% |
| Return on equity % | — | -8.9% | 11.5% | 4.7% | 16.4% | 2.4% | 2.8% | 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.