Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 57.9% | 55.3% | 57.6% | 58.6% | 56.6% | 60.9% | 62.2% | 60.3% |
| EBITDA margin % | -18.8% | -17.5% | 4.7% | 7.6% | 8.8% | 10.1% | 11.5% | 8.5% |
| EBIT margin % | -20.7% | -23.6% | -1.6% | 2.9% | 4.9% | 5.5% | 7.4% | 3.7% |
| PAT margin % | -16% | -26.3% | 1.6% | 5.2% | 6.5% | 5.9% | 5.4% | 3.8% |
| Working capital | ||||||||
| Receivable days | 369 | — | 346 | 253 | 196 | 186 | 167 | 212 |
| Inventory days | 356 | — | 271 | 204 | 193 | 260 | 187 | 193 |
| Payable days | 6 | — | 338 | 302 | 228 | 355 | 277 | 321 |
| NWC days | 720 | — | 279 | 155 | 162 | 92 | 77 | 84 |
| Leverage | ||||||||
| Current ratio | 1.81 | — | 1.99 | 2.1 | 1.85 | 1.5 | 1.61 | 1.85 |
| Debt to EBITDA | — | — | 14.07 | 5.49 | 3.24 | 2.47 | 1.49 | 2.14 |
| Debt to equity | 0.15 | — | 0.12 | 0.09 | 0.08 | 0.07 | 0.06 | 0.06 |
| Interest coverage | -1.6 | -1.3 | 1.2 | 2 | 5.1 | 2 | 5.9 | 3.9 |
| Asset turnover | 0.18 | — | 0.15 | 0.18 | 0.23 | 0.24 | 0.29 | 0.28 |
| Return ratios | ||||||||
| Return on assets % | -2.9% | — | 0.2% | 0.9% | 1.5% | 1.4% | 1.5% | 1.1% |
| Return on capital employed % | -1.9% | — | 2.3% | 2.9% | 5.5% | 3.1% | 4.3% | 3.2% |
| Return on equity % | -3.8% | — | 0.3% | 1.1% | 1.8% | 1.7% | 1.8% | 1.3% |
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.