Standalone figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | 64.2% | 64.5% | 65.8% | 66.4% | 67% | ||
| 67.7% |
| 69% |
| EBITDA margin % | 12.4% | 3% | 9.6% | 11.5% | 13.5% | 14.5% | 15% |
| EBIT margin % | -1.5% | -22.8% | -4.8% | -1% | 1.5% | 1.5% | 2.6% |
| PAT margin % | -9.1% | -35.2% | -9.9% | -5% | -3.9% | -4.5% | -7% |
| Working capital | |||||||
| Receivable days | — | — | 4 | 3 | 3 | 5 | 6 |
| Inventory days | 11 | — | 15 | 14 | 13 | 13 | 12 |
| Payable days | — | — | 149 | 105 | 98 | 99 | 82 |
| NWC days | — | — | -130 | -88 | -81 | -81 | -64 |
| Leverage | |||||||
| Current ratio | 0.51 | — | 2.27 | 0.79 | 0.5 | 1.53 | 1.18 |
| Debt to EBITDA | 1.91 | — | 0 | 0 | 0 | 0.45 | 0.3 |
| Debt to equity | 0.72 | — | 0 | 0 | 0 | 0.06 | 0.05 |
| Interest coverage | -0.1 | -1 | -0.4 | 0.2 | 0.4 | 0.4 | 0.8 |
| Asset turnover | 0.7 | — | 0.33 | 0.47 | 0.52 | 0.46 | 0.53 |
| Return ratios | |||||||
| Return on assets % | -6.4% | — | -3.2% | -2.3% | -2% | -2% | -3.7% |
| Return on capital employed % | -0.7% | — | -0.9% | 0.7% | 1.5% | 1.6% | 3.4% |
| Return on equity % | -27.8% | — | -4.8% | -3.8% | -3.7% | -3.9% | -7.5% |
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.