Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 67.2% | 60.3% | 71.3% | 87.1% | 53.3% | 58.7% | 55.5% | 60.4% |
| EBITDA margin % | 10.1% | -1.6% | 16.5% | 11% | 7.9% | 8.7% | 5% | 6.6% |
| EBIT margin % | 5.5% | -6.5% | 12.8% | 8.4% | 6.9% | 8% | 4.2% | 5.6% |
| PAT margin % | 7.5% | 9.5% | 3.7% | 3.8% | 4.7% | 5.4% | 5.4% | 4.7% |
| Working capital | ||||||||
| Receivable days | — | — | 169 | 106 | 122 | 81 | 155 | 240 |
| Inventory days | — | — | 764 | 1,798 | 155 | 92 | 128 | 216 |
| Payable days | — | — | 363 | 967 | 180 | 85 | 148 | 198 |
| NWC days | — | — | 570 | 938 | 97 | 89 | 135 | 257 |
| Leverage | ||||||||
| Current ratio | — | — | 1.85 | 1.86 | 1.73 | 2.25 | 2.39 | 2.44 |
| Debt to EBITDA | — | — | 2.48 | 2.44 | 1.8 | 0.7 | 2.31 | 2.93 |
| Debt to equity | — | — | 0.14 | 0.12 | 0.14 | 0.09 | 0.1 | 0.11 |
| Interest coverage | 2.5 | 1.8 | 1.9 | 1.1 | 3 | 4.9 | 2.7 | 2.2 |
| Asset turnover | — | — | 0.24 | 0.3 | 0.66 | 1.01 | 0.62 | 0.42 |
| Return ratios | ||||||||
| Return on assets % | — | — | 0.9% | 1.1% | 3.1% | 5.5% | 3.4% | 1.9% |
| Return on capital employed % | — | — | 5.9% | 4.8% | 10.7% | 15% | 7.2% | 4.9% |
| Return on equity % | — | — | 1.3% | 1.7% | 4.6% | 7.6% | 4.6% | 2.7% |
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.