Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 65.5% | 59.6% | ||||
| 56.4% |
| 57.7% |
| 55.7% |
| 56.9% |
| EBITDA margin % | 6.2% | 4.2% | -15% | -2.7% | 2.2% | 4.8% | 2.9% | 5.5% |
| EBIT margin % | 4.1% | 2.4% | -18.4% | -4.9% | -0.2% | 2.8% | 1.1% | 3.8% |
| PAT margin % | 3.1% | 1.8% | -17.3% | 2.7% | 2% | -0.7% | 1.9% | 3.6% |
| Working capital | ||||||||
| Receivable days | — | — | 42 | 28 | 28 | 23 | 30 | 27 |
| Inventory days | — | — | 151 | 114 | 97 | 86 | 72 | 78 |
| Payable days | — | — | 216 | 192 | 105 | 88 | 54 | 52 |
| NWC days | — | — | -22 | -50 | 20 | 21 | 48 | 53 |
| Leverage | ||||||||
| Current ratio | — | — | 1.07 | 0.96 | 0.94 | 0.94 | 1.37 | 1.29 |
| Debt to EBITDA | — | — | — | — | 27.99 | 9.64 | 17.52 | 9.5 |
| Debt to equity | — | — | 2.83 | 2.74 | 3.11 | 3.18 | 3.41 | 3.03 |
| Interest coverage | 1.9 | 1.6 | -0.8 | 1.2 | 1.2 | 1.6 | 1.5 | 1.9 |
| Asset turnover | — | — | 0.5 | 0.68 | 0.88 | 1.14 | 1.13 | 0.93 |
| Return ratios | ||||||||
| Return on assets % | — | — | -8.7% | 1.8% | 1.8% | -0.8% | 2.1% | 3.4% |
| Return on capital employed % | — | — | -9.8% | 16.7% | 17.7% | 28.6% | 22.3% | 20% |
| Return on equity % | — | — | -48.4% | 10.2% | 10.2% | -5% | 12.8% | 21% |
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.