Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 72.9% | 76.4% | 80.4% | 78.7% | 75% | 76% | 77.1% | 76.1% |
| EBITDA margin % | 6.7% | -0.6% | 3.9% | 5.8% | 5.4% | 6.4% | 8% | 8% |
| EBIT margin % | 2.2% | -2.7% | 1.7% | 4.1% | 4.2% | 5.4% | 7.1% | 6.5% |
| PAT margin % | -19.1% | 20.8% | -2% | 1.6% | 6.7% | 4.9% | 7.5% | 0.4% |
| Working capital | ||||||||
| Receivable days | — | — | 45 | 47 | 49 | 52 | 47 | 88 |
| Inventory days | — | — | 94 | 68 | 69 | 52 | 83 | 117 |
| Payable days | — | — | 175 | 154 | 75 | 62 | 74 | 98 |
| NWC days | — | — | -36 | -39 | 43 | 42 | 56 | 108 |
| Leverage | ||||||||
| Current ratio | — | — | 0.79 | 1.06 | 1.29 | 2.35 | 2.86 | 2.57 |
| Debt to EBITDA | — | — | 11.87 | 5.59 | 1.89 | 0.62 | 0.16 | 5.48 |
| Debt to equity | — | — | -12.66 | 4.83 | 0.52 | 0.18 | 0.05 | 0.76 |
| Interest coverage | 0.1 | -0.2 | 0.6 | 1.4 | 2.7 | 6.5 | 19.9 | 3.2 |
| Asset turnover | — | — | 1.49 | 1.82 | 2.46 | 2.84 | 2.58 | 0.85 |
| Return ratios | ||||||||
| Return on assets % | — | — | -3% | 3% | 16.5% | 14% | 19.5% | 0.3% |
| Return on capital employed % | — | — | 7.2% | 15.6% | 19.2% | 25.3% | 27.5% | 11.7% |
| Return on equity % | — | — | 55% | 24.1% | 34.1% | 21.9% | 26.5% | 0.7% |
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.