Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 47.9% | 46.3% | 45.2% | 44.3% | 43.1% | 44.7% | 51.2% |
| EBITDA margin % | 10.8% | 14.8% | -4.5% | 5.8% | 13.5% | 13.7% | 10.4% | 12.6% |
| EBIT margin % | 10.8% | 8.2% | -30% | -7.3% | 5.6% | 4.8% | -1% | -0.3% |
| PAT margin % | 10.2% | 5.9% | -40.1% | -12.2% | 2.4% | 2.4% | -1.9% | -15.8% |
| Working capital | ||||||||
| Receivable days | 150 | — | 257 | 99 | 75 | 101 | 115 | 190 |
| Inventory days | 71 | — | 182 | 131 | 122 | 74 | 89 | 135 |
| Payable days | — | — | 146 | 94 | 85 | 46 | 51 | 96 |
| NWC days | — | — | 292 | 137 | 112 | 129 | 154 | 229 |
| Leverage | ||||||||
| Current ratio | 1 | — | 1.03 | 1.23 | 1.65 | 2.33 | 1.82 | 1.87 |
| Debt to EBITDA | 4.67 | — | — | 5.79 | 1.63 | 0.67 | 2.66 | 5.66 |
| Debt to equity | 0.56 | — | 0.4 | 0.25 | 0.23 | 0.08 | 0.19 | 0.49 |
| Interest coverage | 3.3 | 2.6 | -2.3 | -1.3 | 1.6 | 1.8 | 0.4 | 0.3 |
| Asset turnover | 0.58 | — | 0.23 | 0.48 | 0.67 | 0.69 | 0.51 | 0.41 |
| Return ratios | ||||||||
| Return on assets % | 6% | — | -9.2% | -5.8% | 1.6% | 1.7% | -0.9% | -6.4% |
| Return on capital employed % | 11.7% | — | -9% | -4.1% | 5.2% | 4.6% | 0.9% | 0.6% |
| Return on equity % | 11.3% | — | -16.7% | -9% | 2.4% | 2% | -1.3% | -10.8% |
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.