Standalone figures
| Ratio | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Margins | ||||||
| Gross margin % | 63.8% | 63.3% | 65.1% | 65.1% | 66.7% | 64.3% |
| EBITDA margin % | 8.8% | 14.1% | 17.2% | 14.7% | 15.5% | 12.6% |
| EBIT margin % | -13.5% | 0.2% | 5.6% | 1.4% | 1.1% | -1% |
| PAT margin % | -15.5% | -2.8% | 0.6% | -2.5% | -3.6% | -5.7% |
| Working capital | ||||||
| Receivable days | 4 | 3 | 2 | 2 | 2 | 2 |
| Inventory days | 41 | 43 | 38 | 35 | 47 | 37 |
| Payable days | 287 | 107 | 99 | 93 | 103 | 104 |
| NWC days | -243 | -60 | -59 | -56 | -54 | -65 |
| Leverage | ||||||
| Current ratio | 0.88 | 0.76 | 0.46 | 0.5 | 0.46 | 0.41 |
| Debt to EBITDA | 2.6 | 0.19 | 0.1 | 0.24 | 0.37 | 0.74 |
| Debt to equity | 0.4 | 0.05 | 0.04 | 0.09 | 0.14 | 0.28 |
| Interest coverage | -0.3 | 0.5 | 1.1 | 0.5 | 0.5 | 0 |
| Asset turnover | 0.44 | 0.7 | 0.89 | 0.89 | 0.83 | 0.85 |
| Return ratios | ||||||
| Return on assets % | -6.7% | -2% | 0.6% | -2.2% | -3% | -4.8% |
| Return on capital employed % | -3% | 3.4% | 7.3% | 3.6% | 3.2% | 0.2% |
| Return on equity % | -27% | -5.2% | 1.6% | -6.3% | -9% | -17.1% |
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.