Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 15.7% | 15.2% | 18.8% | 20.4% | 22.2% | 23.8% |
| EBITDA margin % | 3.9% | 1.2% | 5.3% | 7.3% | 7% | 5.2% | 5.6% | 5.7% |
| EBIT margin % | 3.7% | 0.6% | 5.1% | 6.8% | 6.7% | 4.8% | 5.2% | 5.3% |
| PAT margin % | 1.2% | -1.5% | 0.7% | 2.5% | 2.9% | 1.8% | 2.3% | 2.6% |
| Working capital | ||||||||
| Receivable days | 55 | 147 | 84 | 110 | 88 | 45 | 71 | 88 |
| Inventory days | 17 | 40 | 25 | 17 | 13 | 17 | 15 | 14 |
| Payable days | — | — | 100 | 113 | 95 | 46 | 84 | 109 |
| NWC days | — | — | 9 | 14 | 6 | 16 | 2 | -7 |
| Leverage | ||||||||
| Current ratio | 0.8 | 0.8 | 0.74 | 0.89 | 0.85 | 0.8 | 0.92 | 0.95 |
| Debt to EBITDA | 7.94 | 74.85 | 9.11 | 4 | 2.34 | 3.92 | 2.42 | 2.33 |
| Debt to equity | 0.09 | 0.08 | 0.08 | 0.09 | 0.07 | 0.07 | 0.06 | 0.05 |
| Interest coverage | 1.6 | 0.7 | 1.2 | 2 | 2.9 | 2.2 | 2.8 | 3 |
| Asset turnover | 0.25 | 0.09 | 0.16 | 0.26 | 0.36 | 0.33 | 0.37 | 0.35 |
| Return ratios | ||||||||
| Return on assets % | 0.3% | -0.1% | 0.1% | 0.7% | 1.1% | 0.6% | 0.9% | 0.9% |
| Return on capital employed % | 1.1% | 0.4% | 0.9% | 2% | 2.7% | 1.8% | 2.2% | 2.2% |
| Return on equity % | 0.3% | -0.1% | 0.1% | 0.8% | 1.2% | 0.7% | 1% | 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.