Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 79.7% | ||||
| 82.1% |
| 82.7% |
| 85% |
| 84.3% |
| EBITDA margin % | 11.3% | 16.1% | 23% | 15.5% | 29.4% | 28.8% | 33.3% | 25.8% |
| EBIT margin % | 11.2% | 6.9% | 9.3% | -19.2% | 14.8% | 20% | 23% | 14.7% |
| PAT margin % | -2.2% | -1.4% | -0.9% | -28.9% | 16.4% | 47% | 16.3% | 7.4% |
| Working capital | ||||||||
| Receivable days | 17 | 15 | — | 17 | 15 | 31 | 23 | 27 |
| Inventory days | 37 | 37 | — | 383 | 125 | 162 | 56 | 109 |
| Payable days | — | — | — | 274 | 115 | 236 | 116 | 105 |
| NWC days | — | — | — | 125 | 24 | -43 | -37 | 31 |
| Leverage | ||||||||
| Current ratio | — | — | — | 0.67 | 1.03 | 1.51 | 1.85 | 0.8 |
| Debt to EBITDA | 3.92 | 1.89 | — | 6.3 | 1 | 0.57 | 0.01 | 0.89 |
| Debt to equity | 1.11 | 0.91 | — | 1.28 | 0.55 | 0.13 | 0.01 | 0.57 |
| Interest coverage | 1.8 | 1.1 | 1 | -0.3 | 2.8 | 6.4 | 4.1 | 2.3 |
| Asset turnover | 0.78 | 0.91 | 0.99 | 0.29 | 0.65 | 0.44 | 0.96 | 0.61 |
| Return ratios | ||||||||
| Return on assets % | -1.7% | -1.3% | -0.8% | -8.5% | 10.7% | 20.8% | 15.6% | 4.5% |
| Return on capital employed % | — | — | — | -3.2% | 25.2% | 23.3% | 19.2% | 16.9% |
| Return on equity % | -5.6% | -4.3% | — | -37.9% | 31.1% | 38.6% | 39.4% | 18.2% |
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.