Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 49.1% | 43.6% | 42.2% | 40.9% | 41% | 31.5% |
| EBITDA margin % | -2.2% | -9.2% | 12.9% | 10.3% | 12.6% | 13.5% | 13.4% | 3.1% |
| EBIT margin % | -24.4% | -34.1% | -11.3% | -5.3% | 4.3% | 9.5% | 9.7% | -0.5% |
| PAT margin % | -17.3% | -29.6% | -26% | -0.9% | 8.1% | 11.6% | 11.6% | 2.8% |
| Working capital | ||||||||
| Receivable days | 88 | 48 | 107 | 105 | 116 | 84 | 96 | 113 |
| Inventory days | 102 | 93 | 240 | 201 | 217 | 199 | 219 | 161 |
| Payable days | 165 | 40 | 109 | — | 130 | 135 | 114 | 119 |
| NWC days | 25 | 101 | 237 | — | 204 | 148 | 200 | 154 |
| Leverage | ||||||||
| Current ratio | 0.34 | 4.24 | 5.38 | 1.98 | 1.51 | 3.73 | 3.31 | 2.23 |
| Debt to EBITDA | — | — | 7.82 | 4.68 | 3.96 | 1.21 | 1.41 | 3.27 |
| Debt to equity | -2.81 | 0.64 | 0.66 | 0.4 | 0.45 | 0.11 | 0.13 | 0.08 |
| Interest coverage | — | -75.4 | -0.9 | -0.6 | 1.5 | 6.6 | 8.3 | 5.7 |
| Asset turnover | 0.19 | 0.35 | 0.37 | 0.51 | 0.54 | 0.53 | 0.54 | 0.59 |
| Return ratios | ||||||||
| Return on assets % | -3.4% | -10.3% | -9.6% | -0.4% | 4.4% | 6.1% | 6.3% | 1.7% |
| Return on capital employed % | -13.2% | -14.8% | -3.6% | -2.1% | 5.4% | 9.6% | 8.6% | 3.2% |
| Return on equity % | 13.4% | -18.8% | -17.2% | -0.7% | 7.4% | 7.8% | 8% | 2.1% |
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.