Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 50% | 53.3% | 53.2% | 50.3% | 46.1% | 50.8% | 84.7% | — |
| EBITDA margin % | 9.7% | 10.4% | 12.8% | 13.3% | 12% | 31.9% | 73.6% | 89.1% |
| EBIT margin % | 4.7% | 3.4% | 6.2% | 7.4% | 7.2% | 29.6% | 73.2% | 88.7% |
| PAT margin % | 6.5% | 5.2% | 6.4% | 130.6% | 13.2% | 21.1% | 55.3% | 62.4% |
| Working capital | ||||||||
| Receivable days | 43 | 44 | 71 | 60 | 49 | — | — | — |
| Inventory days | 132 | 160 | 200 | 157 | 114 | 3 | 0 | 0 |
| Payable days | 87 | 106 | 181 | 150 | 127 | — | — | — |
| NWC days | 88 | 98 | 90 | 67 | 36 | — | — | — |
| Leverage | ||||||||
| Current ratio | 0.98 | 0.8 | 1 | 3.79 | 0.88 | — | — | — |
| Debt to EBITDA | 3.81 | 3.66 | 4.2 | 3.17 | 12.12 | 1.07 | 2.01 | 3.46 |
| Debt to equity | 0.99 | 0.85 | 0.88 | 0.25 | 4.25 | 0.38 | 0.59 | 0.91 |
| Interest coverage | 3.4 | 2.6 | 3.9 | 5 | 6.1 | 5.2 | 7.5 | 5.4 |
| Asset turnover | 1.06 | 0.83 | 0.65 | 0.41 | 0.49 | 0.67 | 0.23 | 0.14 |
| Return ratios | ||||||||
| Return on assets % | 6.9% | 4.3% | 4.2% | 53.9% | 6.4% | 14% | 12.7% | 8.9% |
| Return on capital employed % | 17.9% | 14.4% | 17.8% | 9.8% | 12.3% | — | — | — |
| Return on equity % | 17.4% | 11.6% | 10.6% | 78.5% | 38.4% | 23.4% | 21.9% | 18.4% |
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.