Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 57% | 48.1% | — | — | 41.3% | 47.5% |
| EBITDA margin % | 11.8% | 7.1% | 13.4% | 15.6% | 12.5% | 16.9% | 14.4% | 17.2% |
| EBIT margin % | 6.2% | 0.9% | 7.3% | 11.9% | 10% | 15.3% | 12.7% | 15.2% |
| PAT margin % | -0.1% | -3.2% | 0.9% | 7.1% | 7.2% | 10.4% | 8.4% | 10% |
| Working capital | ||||||||
| Receivable days | 66 | 68 | 70 | 51 | 40 | 31 | 29 | 45 |
| Inventory days | 79 | 68 | 149 | 94 | 54 | 50 | 75 | 92 |
| Payable days | 28 | 22 | 67 | 47 | 0 | 2 | 55 | 78 |
| NWC days | 117 | 114 | 152 | 98 | 93 | 80 | 48 | 59 |
| Leverage | ||||||||
| Current ratio | 0.87 | 0.8 | 0.81 | 1.08 | 1.32 | 1.07 | 1.12 | 1.09 |
| Debt to EBITDA | 4.66 | 4.48 | 3.4 | 1.69 | 0.94 | 0.62 | 1.84 | 1.31 |
| Debt to equity | 0.99 | 0.58 | 0.84 | 0.77 | 0.35 | 0.3 | 0.78 | 0.41 |
| Interest coverage | 1 | 0.4 | 1.2 | 3.5 | 4.7 | 8.3 | 6.4 | 7.7 |
| Asset turnover | 0.73 | 0.73 | 0.75 | 1.23 | 1.51 | 1.36 | 1.35 | 1.03 |
| Return ratios | ||||||||
| Return on assets % | -0.1% | -2.3% | 0.6% | 8.7% | 10.9% | 14.2% | 11.3% | 10.3% |
| Return on capital employed % | 9.9% | 3.8% | 11.2% | 29.1% | 28.7% | 36.7% | 32.1% | 27.7% |
| Return on equity % | -0.2% | -5.8% | 1.6% | 20.8% | 21.5% | 29.6% | 24.6% | 18.2% |
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.