Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 43.3% | 40.6% | — | — | — |
| EBITDA margin % | 12.4% | 10.7% | 10.2% | 14.2% | 13.1% | 3.2% | 3.1% | 3.5% |
| EBIT margin % | 7.1% | 5.9% | 5.2% | 8.8% | 9.3% | -2.6% | -2.1% | -0.1% |
| PAT margin % | 1.8% | 2.5% | 1.2% | 3.5% | 4.1% | -4.5% | -3.6% | -2.8% |
| Working capital | ||||||||
| Receivable days | — | — | — | 62 | 38 | — | — | — |
| Inventory days | — | — | — | 271 | 178 | 99 | 130 | 108 |
| Payable days | — | — | — | 126 | 76 | — | — | — |
| NWC days | — | — | — | 207 | 140 | — | — | — |
| Leverage | ||||||||
| Current ratio | — | — | — | 1.24 | 1.39 | 1.23 | 1.04 | 1.05 |
| Debt to EBITDA | — | — | — | 2.82 | 2.77 | — | — | — |
| Debt to equity | — | — | — | 0.92 | 1.11 | — | — | — |
| Interest coverage | 1.7 | 1.7 | 1.3 | 2 | 2.8 | -0.2 | 0.1 | 0.1 |
| Asset turnover | — | — | — | 0.86 | 1.11 | 0.94 | 0.81 | 1.06 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | 3% | 4.5% | -4.2% | -2.9% | -2.9% |
| Return on capital employed % | — | — | — | 14% | 19.2% | -1.3% | 1.1% | 0.7% |
| Return on equity % | — | — | — | 8% | 12.6% | -11.8% | -8.7% | -8.7% |
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.