Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 30.6% | 24.6% | 20.5% | 24.4% | 30.2% |
| EBITDA margin % | 8.9% | 5.7% | 4.7% | 9.4% | 8.5% | 4.5% | 4.9% | 5.8% |
| EBIT margin % | 5.4% | 5.7% | 2.8% | 7.5% | 7.3% | 3.2% | 3.3% | 3.8% |
| PAT margin % | -0.4% | 1% | 0.1% | 4.2% | 5.1% | 1.4% | 1.8% | 2.5% |
| Working capital | ||||||||
| Receivable days | 44 | 17 | 17 | 14 | 20 | 14 | 9 | 5 |
| Inventory days | 82 | 57 | 73 | 93 | 60 | 67 | 88 | 111 |
| Payable days | 25 | 8 | 17 | 11 | 8 | 7 | 3 | 4 |
| NWC days | 100 | 67 | 73 | 96 | 72 | 74 | 95 | 112 |
| Leverage | ||||||||
| Current ratio | — | — | — | 1.76 | 2.29 | 1.86 | 1.56 | 1.85 |
| Debt to EBITDA | 4.19 | 3.64 | 4.34 | 1.39 | 1.24 | 2.31 | 2.5 | 1.37 |
| Debt to equity | 0.71 | 0.54 | 0.5 | 0.32 | 0.3 | 0.31 | 0.3 | 0.15 |
| Interest coverage | 1.2 | 2.9 | 1.9 | 5.4 | 8.4 | 2.1 | 3.4 | 4.2 |
| Asset turnover | 0.93 | 1.48 | 1.38 | 1.54 | 1.86 | 1.93 | 1.6 | 1.38 |
| Return ratios | ||||||||
| Return on assets % | -0.4% | 1.4% | 0.1% | 6.5% | 9.4% | 2.7% | 2.9% | 3.4% |
| Return on capital employed % | — | — | — | 15.9% | 18.5% | 9.4% | 7.8% | 7.7% |
| Return on equity % | -0.7% | 2.5% | 0.1% | 10.2% | 14.5% | 4.2% | 4.4% | 4.7% |
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.