Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 36.8% | 40.1% | 64.6% | 73.5% | 62.7% | 48.5% | — | 76.8% |
| EBITDA margin % | 21.2% | 20.6% | 32.4% | 40.6% | 11.1% | 13.9% | -2.6% | 13% |
| EBIT margin % | 20.6% | 19.6% | 30.4% | 39.3% | 9.9% | 12.9% | -3.9% | 12.5% |
| PAT margin % | 6.2% | 2.4% | -1.7% | 22.7% | 17.6% | 3% | -21.7% | 3.1% |
| Working capital | ||||||||
| Receivable days | 30 | 44 | 105 | 72 | 196 | 87 | 67 | 64 |
| Inventory days | 1,766 | 1,939 | 7,413 | 8,110 | 7,149 | 3,212 | 2,197 | 4,142 |
| Payable days | 0 | 171 | 671 | 416 | 409 | 202 | 111 | 356 |
| NWC days | 1,795 | 1,812 | 6,847 | 7,766 | 6,935 | 3,097 | 2,152 | 3,850 |
| Leverage | ||||||||
| Current ratio | 1.17 | 1.15 | 1.2 | 1.34 | 1.22 | 1.04 | 1.02 | 1.03 |
| Debt to EBITDA | 2.64 | 2.93 | 4.31 | 2.41 | 23.98 | 12.66 | — | 7.93 |
| Debt to equity | 0.5 | 0.46 | 0.48 | 0.4 | 0.96 | 1.15 | 1.36 | 1.53 |
| Interest coverage | 1.6 | 1.2 | 0.9 | 2.6 | 1.7 | 1.1 | 0.1 | 1.3 |
| Asset turnover | 0.24 | 0.22 | 0.1 | 0.13 | 0.1 | 0.15 | 0.11 | 0.25 |
| Return ratios | ||||||||
| Return on assets % | 1.5% | 0.5% | -0.2% | 2.9% | 1.8% | 0.4% | -2.4% | 0.8% |
| Return on capital employed % | 18.2% | 16.5% | 13.7% | 26.4% | 16.2% | 13.4% | 2.1% | 23.7% |
| Return on equity % | 5.6% | 1.8% | -0.6% | 9.2% | 6.3% | 2% | -13.3% | 4.5% |
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.