Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 55.4% | 55.4% | ||||
| 53.3% |
| 53.5% |
| 61.5% |
| 66.4% |
| EBITDA margin % | 10.1% | 6.2% | 9.7% | -22.1% | 15.2% | 23.8% | 28.7% | 36.5% |
| EBIT margin % | 0.7% | -4.4% | -0.4% | -38.6% | 8.1% | 18.9% | 23.5% | 33.1% |
| PAT margin % | 1.6% | -1.1% | 4% | -25.8% | 6.1% | 14.4% | 18.9% | 25.8% |
| Working capital | ||||||||
| Receivable days | — | — | 159 | 86 | 41 | 87 | 142 | 82 |
| Inventory days | — | — | 397 | 919 | 441 | 249 | 340 | 163 |
| Payable days | — | — | 27 | 124 | 67 | 18 | 76 | 68 |
| NWC days | — | — | 529 | 881 | 415 | 318 | 405 | 176 |
| Leverage | ||||||||
| Current ratio | — | — | 11.83 | 6.13 | 4.84 | 8.86 | 6.44 | 6.89 |
| Debt to EBITDA | — | — | 0 | — | 0.37 | 0.16 | 0.11 | 0.07 |
| Debt to equity | — | — | 0 | 0 | 0.06 | 0.04 | 0.03 | 0.02 |
| Interest coverage | — | -13.5 | 94 | -141.3 | 51 | 59.5 | 62.1 | 155.1 |
| Asset turnover | — | — | 0.54 | 0.39 | 0.83 | 0.83 | 0.74 | 0.8 |
| Return ratios | ||||||||
| Return on assets % | — | — | 2.1% | -10.1% | 5.1% | 11.9% | 13.9% | 20.6% |
| Return on capital employed % | — | — | 3% | -14.3% | 8.6% | 21.8% | 23.6% | 38.7% |
| Return on equity % | — | — | 2.3% | -11.4% | 6.2% | 13.4% | 16.3% | 24% |
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.