Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 59.1% | 63.3% | ||||
| 60.6% |
| 59% |
| — |
| 61.3% |
| EBITDA margin % | 8.2% | -0.3% | -2.7% | 6.9% | 6.5% | 9.7% | 12.6% | 13.7% |
| EBIT margin % | 5.7% | -4.1% | -8% | 2% | 2.6% | 5.6% | 8.7% | 10.6% |
| PAT margin % | 3.2% | -5.4% | -14.4% | -3.3% | -1.6% | 1.9% | 4.6% | 6.6% |
| Working capital | ||||||||
| Receivable days | 76 | 45 | 74 | 59 | 50 | 43 | 55 | 52 |
| Inventory days | 129 | 158 | 382 | 334 | 312 | 255 | 122 | 210 |
| Payable days | 60 | 63 | 241 | 193 | 193 | 130 | 68 | 124 |
| NWC days | 145 | 140 | 215 | 200 | 169 | 168 | 109 | 138 |
| Leverage | ||||||||
| Current ratio | 1.84 | 1.37 | 1.13 | 1.14 | 1.11 | 1.19 | 1.33 | 1.74 |
| Debt to EBITDA | 2.32 | — | — | 5.08 | 4.24 | 2.79 | 1.93 | 0.92 |
| Debt to equity | 0.51 | 0.74 | 1.35 | 1.49 | 1.46 | 1.33 | 1.07 | 0.48 |
| Interest coverage | 3.1 | -1.1 | -1.1 | 0.4 | 0.7 | 1.2 | 2 | 2.9 |
| Asset turnover | 1.32 | 1.03 | 0.71 | 0.91 | 1.05 | 1.13 | 1.14 | 1.37 |
| Return ratios | ||||||||
| Return on assets % | 4.2% | -5.6% | -10.3% | -3% | -1.7% | 2.2% | 5.3% | 9.1% |
| Return on capital employed % | 14.5% | -7% | -10.7% | 4% | 6.9% | 12.5% | 18.2% | 22.9% |
| Return on equity % | 8.5% | -13.2% | -44.7% | -14.1% | -8.5% | 9.5% | 20.4% | 25.4% |
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.