Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 44.1% | 39.8% | ||||
| 41.4% |
| 44.6% |
| 46.7% |
| 48.9% |
| EBITDA margin % | 4.8% | -3.3% | 2.2% | 4.2% | 6.6% | 8.5% | 8.7% | 7.9% |
| EBIT margin % | 2.2% | -7.7% | -2.8% | 1.6% | 4.4% | 6.7% | 6.7% | 5.2% |
| PAT margin % | 2.4% | -2.9% | -3% | 0.2% | 3.7% | 6.2% | 5.5% | 2.3% |
| Working capital | ||||||||
| Receivable days | — | — | 90 | 46 | 42 | 39 | 43 | 56 |
| Inventory days | — | — | 82 | 57 | 42 | 52 | 53 | 67 |
| Payable days | — | — | 259 | 142 | 110 | 115 | 100 | 123 |
| NWC days | — | — | -86 | -40 | -26 | -23 | -3 | -0 |
| Leverage | ||||||||
| Current ratio | — | — | 0.82 | 0.77 | 0.79 | 1.17 | 1.31 | 1.13 |
| Debt to EBITDA | — | — | 8.45 | 2.71 | 0.8 | 0.85 | 1.27 | 2.56 |
| Debt to equity | — | — | 0.42 | 0.33 | 0.16 | 0.19 | 0.23 | 0.44 |
| Interest coverage | 1.5 | -1.6 | -0.3 | 1.1 | 2.5 | 4.5 | 4.2 | 2.3 |
| Asset turnover | — | — | 0.87 | 1.25 | 1.6 | 1.45 | 1.26 | 1.08 |
| Return ratios | ||||||||
| Return on assets % | — | — | -2.6% | 0.2% | 5.8% | 9% | 6.9% | 2.5% |
| Return on capital employed % | — | — | -1.8% | 7.8% | 15.2% | 17.9% | 14% | 9.9% |
| Return on equity % | — | — | -6.9% | 0.5% | 11% | 16.2% | 11.6% | 4.9% |
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.