Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 25.8% | 24.2% | 19.2% | 24.7% | 30.6% | 39.6% |
| EBITDA margin % | 4.7% | 6.3% | 5.9% | 6% | -1.6% | 2.4% | 8.1% | 10.8% |
| EBIT margin % | 4.7% | 5.6% | 5% | 4.4% | -6.8% | -3.4% | 3.3% | 5.4% |
| PAT margin % | 2.1% | 3.3% | 2.7% | 1.4% | -10.9% | -8.9% | 4.2% | 5.4% |
| Working capital | ||||||||
| Receivable days | — | 24 | 77 | 30 | 60 | 53 | 33 | 41 |
| Inventory days | — | 59 | 86 | 114 | 92 | 88 | 109 | 177 |
| Payable days | — | 44 | 132 | 122 | 152 | 148 | 102 | 145 |
| NWC days | — | 40 | 31 | 22 | -0 | -8 | 40 | 73 |
| Leverage | ||||||||
| Current ratio | — | 1.4 | 1.05 | 1.09 | 0.83 | 0.67 | 1.08 | 1.24 |
| Debt to EBITDA | — | 0.27 | 1 | 3.46 | — | 3.63 | 0.84 | 1.57 |
| Debt to equity | — | 0.08 | 0.22 | 0.53 | 0.54 | 0.49 | 0.19 | 0.36 |
| Interest coverage | 3.3 | 3.8 | 3.1 | 1.5 | -1.3 | -0.5 | 2 | 1.8 |
| Asset turnover | — | 2.46 | 1.11 | 0.86 | 0.91 | 0.97 | 1.11 | 0.91 |
| Return ratios | ||||||||
| Return on assets % | — | 8.1% | 3% | 1.2% | -9.9% | -8.6% | 4.7% | 4.8% |
| Return on capital employed % | — | 26.5% | 14.2% | 9.5% | -10.8% | -7% | 20.9% | 12.3% |
| Return on equity % | — | 15.5% | 9.8% | 3.6% | -43.8% | -51.1% | 11.9% | 11.4% |
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.