Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 33.7% | — | — | 63.6% | ||||
| 33.3% |
| 38.4% |
| 36.8% |
| 38.7% |
| EBITDA margin % | 5.9% | 7% | 8.8% | 1.1% | 2% | 3.2% | 1.1% | -0.3% |
| EBIT margin % | 4.1% | 5.3% | 7.4% | -0.4% | -0.5% | 1.3% | -1.4% | -3.2% |
| PAT margin % | 6% | 0.1% | 8.8% | 2.1% | 0.3% | 1.4% | 0.2% | -2.3% |
| Working capital | ||||||||
| Receivable days | 97 | 69 | 83 | 32 | 31 | 34 | 38 | 47 |
| Inventory days | 74 | 63 | 66 | 250 | 81 | 73 | 88 | 79 |
| Payable days | — | — | — | — | 36 | 35 | 35 | 35 |
| NWC days | — | — | — | — | 75 | 73 | 91 | 91 |
| Leverage | ||||||||
| Current ratio | — | — | 2.79 | 2.13 | 1.9 | 1.56 | 0.72 | 0.74 |
| Debt to EBITDA | 1.61 | 1.74 | 0.84 | 9.21 | 2.64 | 1.13 | 37.68 | — |
| Debt to equity | 0.15 | 0.2 | 0.12 | 0.17 | 0.09 | 0.07 | 0.83 | 0.95 |
| Interest coverage | 7.4 | 6.5 | 12 | 5.2 | 1.6 | 3.1 | 2 | -2.9 |
| Asset turnover | 1.06 | 1.1 | 1.15 | 1.1 | 1.27 | 1.38 | 0.94 | 0.92 |
| Return ratios | ||||||||
| Return on assets % | 6.4% | 0.1% | 10.1% | 2.3% | 0.3% | 2% | 0.2% | -2.1% |
| Return on capital employed % | — | — | 18.8% | 5% | 1.5% | 4.6% | 0.8% | -3% |
| Return on equity % | 9.2% | 0.1% | 14.7% | 3.4% | 0.4% | 2.9% | 0.4% | -4.9% |
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.