Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 93% | 1% | 5.4% | 2.8% | 0.5% | 0.8% | 3.1% | 1% |
| EBITDA margin % | 1.7% | 0.9% | 5% | 0.3% | 0.4% | -0.2% | 1.5% | 1% |
| EBIT margin % | 1.7% | 0.9% | 5% | 0.3% | 0.4% | -0.2% | 1.5% | 0.9% |
| PAT margin % | 1% | 0.9% | 4.8% | 0.1% | 0.5% | 0.3% | 0.3% | 0.4% |
| Working capital | ||||||||
| Receivable days | 20 | 22 | 805 | 234 | 253 | 169 | 137 | 105 |
| Inventory days | 76 | 5 | 63 | 23 | 24 | 26 | 28 | 23 |
| Payable days | 1,277 | 97 | 662 | 174 | 184 | 94 | 78 | 59 |
| NWC days | -1,181 | -71 | 206 | 82 | 93 | 101 | 87 | 70 |
| Leverage | ||||||||
| Current ratio | — | — | — | — | 1.67 | 2.14 | — | 1.9 |
| Debt to EBITDA | 8.26 | 2.21 | 6.77 | 32.08 | 26.66 | — | 8.87 | 11.43 |
| Debt to equity | 1.33 | 0.19 | 0.14 | 0.12 | 0.13 | 0.13 | 0.18 | 0.2 |
| Interest coverage | 2.5 | — | — | — | — | 1.2 | 1.2 | 1.3 |
| Asset turnover | 2.02 | 2.56 | 0.22 | 0.73 | 0.67 | 0.76 | 0.94 | 1.21 |
| Return ratios | ||||||||
| Return on assets % | 2.1% | 2.2% | 1.1% | 0.1% | 0.4% | 0.2% | 0.3% | 0.4% |
| Return on capital employed % | — | — | — | — | 0.6% | 3.3% | — | 3.7% |
| Return on equity % | 9.7% | 8.2% | 2% | 0.2% | 0.6% | 0.3% | 0.5% | 0.6% |
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.