Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 53.6% | 49.7% | 53.4% | 31% | 31% | 26.8% | 26.1% | 22.6% |
| EBITDA margin % | 35.3% | 33.4% | 23.8% | 24.8% | 23.5% | 18.8% | 16.7% | 12.3% |
| EBIT margin % | 23.1% | 20.6% | 9.2% | 17.8% | 16.6% | 11.7% | 9.2% | 3.9% |
| PAT margin % | -146.2% | 107% | 6.2% | 10.7% | 10.3% | -30.6% | 6.6% | 1.6% |
| Working capital | ||||||||
| Receivable days | 236 | 316 | 457 | 248 | 281 | 224 | 271 | 336 |
| Inventory days | 178 | 264 | 135 | 21 | 21 | 35 | 40 | 32 |
| Payable days | 6 | — | 13 | 7 | 21 | 24 | 26 | 24 |
| NWC days | 408 | — | 578 | 261 | 281 | 235 | 284 | 344 |
| Leverage | ||||||||
| Current ratio | 0.44 | 2.19 | 3.13 | 1.66 | 1.53 | 2.28 | 2.95 | 2.24 |
| Debt to EBITDA | 8.31 | 8.49 | 13.29 | 5.42 | 5.07 | 5.6 | 6.46 | 9.86 |
| Debt to equity | 3.08 | 1.06 | 1 | 0.83 | 0.69 | 0.77 | 0.74 | 0.75 |
| Interest coverage | 0.6 | 0.4 | 1.1 | 1.6 | 1.7 | 1.3 | 1.5 | 1.1 |
| Asset turnover | 0.16 | 0.15 | 0.14 | 0.29 | 0.29 | 0.34 | 0.33 | 0.3 |
| Return ratios | ||||||||
| Return on assets % | -23.4% | 16.1% | 0.9% | 3.1% | 3% | -10.5% | 2.2% | 0.5% |
| Return on capital employed % | 7.4% | 6.8% | 7.3% | 9.5% | 9.6% | 8.7% | 8% | 5.9% |
| Return on equity % | -153.5% | 40% | 2% | 6.6% | 5.9% | -22.4% | 4.5% | 1% |
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.