Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 86.2% | 87.2% | 84.9% | 83.7% | 82.5% | 79.5% |
| EBITDA margin % | 0.7% | 17.9% | 17% | 3.1% | 0.4% | 7.4% | 2.8% | 3.1% |
| EBIT margin % | -2.3% | 14.7% | 14% | 0.1% | -2% | 4.7% | 0.1% | 0.5% |
| PAT margin % | -0.8% | 9.3% | 10.7% | 0.3% | -1.4% | 3.2% | 0.5% | 0.9% |
| Working capital | ||||||||
| Receivable days | 9 | — | 16 | 17 | 17 | 18 | 24 | 22 |
| Inventory days | 46 | — | 220 | 361 | 265 | 333 | 340 | 264 |
| Payable days | 1 | — | 145 | 181 | 158 | 259 | 272 | 214 |
| NWC days | 55 | — | 90 | 198 | 124 | 92 | 92 | 72 |
| Leverage | ||||||||
| Current ratio | — | — | 1.71 | 1.22 | 0.93 | 1.2 | 1.16 | 1.18 |
| Debt to EBITDA | 6.94 | — | 0.18 | 2.58 | 10.98 | 0.65 | 3.08 | 2.03 |
| Debt to equity | 0.07 | — | 0.04 | 0.12 | 0.07 | 0.09 | 0.14 | 0.11 |
| Interest coverage | -1.1 | 21.9 | 24.5 | 2.5 | -2.2 | 14.7 | 1.4 | 2.6 |
| Asset turnover | 1.04 | 1.69 | 0.93 | 0.97 | 1.21 | 1.12 | 0.96 | 1.05 |
| Return ratios | ||||||||
| Return on assets % | -0.8% | 15.8% | 10% | 0.3% | -1.6% | 3.6% | 0.4% | 0.9% |
| Return on capital employed % | -1% | — | 19.1% | 2.2% | -2.6% | 11.7% | 1.7% | 2.5% |
| Return on equity % | -1.2% | — | 13.8% | 0.4% | -2.5% | 6.2% | 0.7% | 1.5% |
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.