Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 23.8% | 19.5% | 21.5% | 15.4% | 17.1% |
| EBITDA margin % | 4% | 4.1% | -4.4% | -9.2% | -3.9% | 0.6% | -0.7% | -1.8% |
| EBIT margin % | 2.8% | 2.9% | -5.7% | -11.9% | -6% | -1.2% | -2% | -3.1% |
| PAT margin % | 0.6% | 0.7% | 1.2% | 6% | 12.9% | 1.4% | 2.9% | 3.6% |
| Working capital | ||||||||
| Receivable days | 104 | 95 | — | 12 | 77 | 12 | 5 | 2 |
| Inventory days | 21 | 19 | — | 18 | 10 | 12 | 5 | 3 |
| Payable days | 102 | 94 | — | 16 | 70 | 10 | 6 | 6 |
| NWC days | 23 | 21 | — | 13 | 16 | 13 | 4 | -1 |
| Leverage | ||||||||
| Current ratio | 1.34 | 1.34 | — | 1.89 | 1.88 | 2.13 | 3.1 | 3.91 |
| Debt to EBITDA | 7.67 | 6.96 | — | — | — | 71.02 | — | — |
| Debt to equity | 0.65 | 0.65 | — | 0.35 | 0.39 | 0.45 | 0.38 | 0.78 |
| Interest coverage | 1.3 | 1.3 | 1.3 | 2.6 | 7.3 | 1.4 | 2.1 | 2.2 |
| Asset turnover | 0.88 | 0.96 | — | 0.69 | 0.58 | 0.75 | 0.89 | 0.64 |
| Return ratios | ||||||||
| Return on assets % | 0.5% | 0.6% | — | 4.2% | 7.4% | 1.1% | 2.6% | 2.3% |
| Return on capital employed % | 5.5% | 5.7% | — | 10.7% | 12.2% | 3.6% | 5.4% | 6.5% |
| Return on equity % | 1.3% | 1.5% | — | 6.1% | 11.8% | 1.6% | 3.7% | 4.2% |
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.