Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 40.3% | 58.3% | 69% | 45.8% | 44.7% | 71% |
| EBITDA margin % | 68.1% | 33.8% | 24.7% | 23.6% | 6.2% | 18.4% | 27% | 5.2% |
| EBIT margin % | 67.4% | 32.9% | 23.7% | 21.9% | 2.5% | 17.5% | 26.1% | 1.5% |
| PAT margin % | 77.6% | 35.3% | 12.1% | 5.9% | -9.6% | 15.3% | 19.8% | -9.4% |
| Working capital | ||||||||
| Receivable days | 224 | 182 | 112 | 182 | 184 | 221 | 26 | 69 |
| Inventory days | 1,246 | 568 | 546 | 1,809 | 5,987 | 1,076 | 703 | 5,650 |
| Payable days | 3 | — | 145 | 333 | 882 | 277 | 121 | 649 |
| NWC days | 1,468 | — | 512 | 1,658 | 5,289 | 1,020 | 608 | 5,070 |
| Leverage | ||||||||
| Current ratio | — | 1.9 | 2.08 | 1.68 | 1.5 | 1.61 | 2.52 | 3.18 |
| Debt to EBITDA | 1.7 | 2.73 | 5 | 8.22 | 55.55 | 3.98 | 1.77 | 54.14 |
| Debt to equity | 0.15 | 0.15 | 0.2 | 0.22 | 0.22 | 0.14 | 0.16 | 0.23 |
| Interest coverage | 6.4 | 4.2 | 2 | 1.3 | 0.6 | 2.6 | 6.1 | 0.4 |
| Asset turnover | 0.1 | 0.12 | 0.12 | 0.08 | 0.04 | 0.13 | 0.24 | 0.06 |
| Return ratios | ||||||||
| Return on assets % | 7.5% | 4.1% | 1.4% | 0.5% | -0.4% | 2% | 4.7% | -0.5% |
| Return on capital employed % | 10.1% | 6.2% | 4.7% | 2.8% | 1.4% | 5.5% | 9.5% | 0.9% |
| Return on equity % | 9.9% | 5.6% | 1.9% | 0.7% | -0.6% | 3% | 6.4% | -0.8% |
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.