Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 36.3% | 81.7% | 37.7% | 29.6% | 38.5% | 48.9% | 52.9% |
| EBITDA margin % | 11.9% | 9.1% | 12.6% | 11.6% | 2% | 2.2% | 10.5% | 10% |
| EBIT margin % | 8.1% | 5.2% | 8% | 8.9% | -1.4% | -2.2% | 6% | 5.8% |
| PAT margin % | 1.9% | 0.4% | 3.6% | 4.2% | -1.6% | -3.3% | 3.7% | 2.9% |
| Working capital | ||||||||
| Receivable days | 52 | 48 | 37 | 20 | 20 | 35 | 46 | 36 |
| Inventory days | 94 | 125 | 424 | 122 | 73 | 99 | 163 | 139 |
| Payable days | 0 | 0 | 1 | 17 | 30 | 36 | 52 | 25 |
| NWC days | 145 | 172 | 460 | 125 | 63 | 98 | 157 | 150 |
| Leverage | ||||||||
| Current ratio | 0.99 | — | — | 1.15 | 1.05 | 0.97 | 1.07 | 1.34 |
| Debt to EBITDA | 4.18 | 5.03 | 2.8 | 2.56 | 11.3 | 12.75 | 2.94 | 2.05 |
| Debt to equity | 1.56 | 1.52 | 0.97 | 0.99 | 0.7 | 0.78 | 0.74 | 0.48 |
| Interest coverage | 1.4 | 1.1 | 1.9 | 3.2 | 0.7 | -0.2 | 1.8 | 2.1 |
| Asset turnover | 0.92 | 1.04 | 1.1 | 1.39 | 1.33 | 1.16 | 1.06 | 1.26 |
| Return ratios | ||||||||
| Return on assets % | 1.7% | 0.4% | 4% | 5.8% | -2.2% | -3.8% | 3.9% | 3.6% |
| Return on capital employed % | 13.2% | — | — | 20.5% | 4.8% | -1.4% | 11.4% | 13.2% |
| Return on equity % | 6% | 1.4% | 9.9% | 14% | -5% | -9% | 8.7% | 6.7% |
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.