Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | — | — | — | — | — |
| EBITDA margin % | 10.8% | 7% | 11.5% | 43.8% | 50.9% | 8.5% | 35% | 11.7% |
| EBIT margin % | 8.8% | 4.1% | 8.8% | 40.1% | 41% | -19.8% | 16.3% | -15% |
| PAT margin % | 5.9% | 1.4% | 6.7% | 49% | 40.7% | -18.1% | 7.6% | -18.9% |
| Working capital | ||||||||
| Receivable days | 339 | 92 | 84 | 8 | 5 | 10 | 7 | 12 |
| Inventory days | 58 | 8 | 19 | 10 | 29 | 15 | 12 | 14 |
| Payable days | 158 | 39 | 35 | 45 | 36 | 71 | 51 | 74 |
| NWC days | 239 | 62 | 68 | -28 | -2 | -46 | -32 | -48 |
| Leverage | ||||||||
| Current ratio | 1.22 | 1.01 | 1.33 | 2.33 | 1.18 | 1.32 | 1.59 | 1.06 |
| Debt to EBITDA | 14.3 | 4.46 | 2.48 | 0.79 | 2.03 | 16.98 | 2.11 | 6.3 |
| Debt to equity | 0.74 | 0.57 | 0.42 | 0.28 | 0.61 | 0.53 | 0.41 | 0.37 |
| Interest coverage | 3 | 1.5 | 3.2 | 17.6 | 11.8 | -0.3 | 2.6 | -2 |
| Asset turnover | 0.22 | 0.9 | 0.86 | 0.56 | 0.36 | 0.23 | 0.37 | 0.33 |
| Return ratios | ||||||||
| Return on assets % | 1.3% | 1.2% | 5.8% | 27.5% | 14.5% | -4.1% | 2.8% | -6.3% |
| Return on capital employed % | 2.9% | 6% | 11.7% | 33.2% | 21.5% | -0.9% | 7.5% | -4.6% |
| Return on equity % | 2.8% | 2.5% | 9.8% | 39.9% | 24% | -6.7% | 4.2% | -9.6% |
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.