Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 32.3% | 27.9% | 29.4% | 30% | 29% | 27.4% | 27.5% | 30.2% |
| EBITDA margin % | 6.3% | 10.8% | 9.1% | 9.7% | 9.4% | 12.2% | 13.4% | 15.2% |
| EBIT margin % | 4.3% | 3.6% | -0.9% | 0.7% | 1.8% | 6% | 8.4% | 9.3% |
| PAT margin % | 2.7% | 1.5% | -2.1% | -2.1% | -1.7% | 2.3% | 3.8% | 5.3% |
| Working capital | ||||||||
| Receivable days | — | — | 0 | 1 | 0 | 0 | 0 | 0 |
| Inventory days | — | — | 255 | 221 | 151 | 155 | 141 | 195 |
| Payable days | — | — | 113 | 93 | 58 | 69 | 89 | 79 |
| NWC days | — | — | 143 | 129 | 93 | 87 | 52 | 116 |
| Leverage | ||||||||
| Current ratio | — | — | 1.6 | 1.6 | 1.62 | 1.48 | 1.25 | 1.44 |
| Debt to EBITDA | — | — | 1.04 | 0.81 | 0.59 | 0.54 | 0.43 | 0.54 |
| Debt to equity | — | — | 0.19 | 0.19 | 0.19 | 0.28 | 0.31 | 0.28 |
| Interest coverage | 64.1 | 0.9 | 0.6 | 0.5 | 0.5 | 1.7 | 2.5 | 3.1 |
| Asset turnover | — | — | 0.68 | 0.82 | 1.09 | 1.21 | 1.19 | 1.26 |
| Return ratios | ||||||||
| Return on assets % | — | — | -1.4% | -1.7% | -1.9% | 2.8% | 4.5% | 6.7% |
| Return on capital employed % | — | — | 3% | 3.4% | 3.7% | 12.3% | 18.9% | 22.9% |
| Return on equity % | — | — | -4.1% | -5% | -5.9% | 9.9% | 20.6% | 18.1% |
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.