Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 39.5% | 43.5% | 34.8% | 35.9% | 28.2% | 22.2% | 15.4% |
| EBITDA margin % | 7.4% | 6.4% | 9.4% | 6.7% | 4.4% | 5.3% | 3.3% | 2.2% |
| EBIT margin % | 5.4% | 4% | 6.5% | 4.2% | 3.2% | 3.8% | 2.2% | 1.4% |
| PAT margin % | 0.7% | 0.7% | 1.8% | 1.1% | 0.6% | 0.6% | 0.8% | 0.8% |
| Working capital | ||||||||
| Receivable days | — | 114 | 154 | 149 | 173 | 117 | 102 | 95 |
| Inventory days | — | 94 | 87 | 54 | 69 | 74 | 104 | 71 |
| Payable days | — | 78 | 151 | 111 | 211 | 88 | 137 | 77 |
| NWC days | — | 129 | 90 | 92 | 30 | 103 | 70 | 89 |
| Leverage | ||||||||
| Current ratio | — | 1.39 | 1.22 | 1.31 | 1.1 | 1.16 | 1.16 | 1.9 |
| Debt to EBITDA | — | 6.28 | 3.52 | 4.85 | 6.77 | 4.02 | 5.57 | 6.65 |
| Debt to equity | — | 1.92 | 1.65 | 1.65 | 1.72 | 1.59 | 1.44 | 0.61 |
| Interest coverage | 1.3 | 1.2 | 1.5 | 1.4 | 1.3 | 1.3 | 1.7 | 3.4 |
| Asset turnover | — | 1.2 | 1.12 | 1.22 | 1.14 | 1.48 | 1.42 | 1.64 |
| Return ratios | ||||||||
| Return on assets % | — | 0.8% | 2% | 1.3% | 0.6% | 0.9% | 1.2% | 1.3% |
| Return on capital employed % | — | 12.8% | 17.4% | 13.2% | 13.3% | 19.6% | 12.6% | 7.3% |
| Return on equity % | — | 3.2% | 8.9% | 5.5% | 3.3% | 4.7% | 6.4% | 3.2% |
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.