Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 48.9% | 54.7% | 55.2% | 48.4% | 45.4% | 37.5% | 51.2% | 50% |
| EBITDA margin % | 16.5% | 19.4% | 23.8% | 6.3% | 9.3% | -7.4% | 15.9% | 13.6% |
| EBIT margin % | 10.8% | 12.3% | 17.1% | -2.5% | 1.6% | -15.4% | 8.1% | 6.4% |
| PAT margin % | 4.5% | 8.5% | 13.7% | -4.6% | -1.5% | -44% | -0.1% | -0.5% |
| Working capital | ||||||||
| Receivable days | 77 | 63 | 109 | 141 | 136 | 99 | 93 | 117 |
| Inventory days | 112 | 170 | 149 | 321 | 258 | 163 | 185 | 169 |
| Payable days | 1 | — | 154 | 150 | 139 | 140 | 141 | 143 |
| NWC days | 188 | — | 104 | 312 | 256 | 123 | 137 | 144 |
| Leverage | ||||||||
| Current ratio | 1 | 0.93 | 1.35 | 1.17 | 1.09 | 0.64 | 0.78 | 0.91 |
| Debt to EBITDA | 1.94 | 2.29 | 1.58 | 12.75 | 7.47 | — | 3.81 | 3.29 |
| Debt to equity | 0.46 | 0.54 | 0.38 | 0.67 | 0.67 | 1.07 | 0.71 | 0.49 |
| Interest coverage | 1.9 | 2.4 | 3.6 | -0.2 | 0.5 | -1.8 | 1 | 1 |
| Asset turnover | 0.7 | 0.61 | 0.62 | 0.43 | 0.5 | 0.55 | 0.58 | 0.6 |
| Return ratios | ||||||||
| Return on assets % | 3.2% | 5.2% | 8.5% | -2% | -0.8% | -24.2% | -0% | -0.3% |
| Return on capital employed % | 11.8% | 13.9% | 18.8% | -0.7% | 2.5% | -13.3% | 9.5% | 6.9% |
| Return on equity % | 6.4% | 10.3% | 13.9% | -3.8% | -1.5% | -60.5% | -0.1% | -0.6% |
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.