Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 3.6% | 3.3% | ||||
| 5.4% |
| 4.4% |
| 4.2% |
| — |
| EBITDA margin % | 0.5% | 0.5% | 0.1% | 1.5% | -0.8% | 2.1% | 1.4% | -12.1% |
| EBIT margin % | 0.4% | 0.4% | 0% | 1.4% | -0.9% | 2% | 1.4% | -12.6% |
| PAT margin % | 1.6% | 1.6% | 1.6% | 1.8% | 1.7% | 1.5% | 1.3% | -3.2% |
| Working capital | ||||||||
| Receivable days | — | — | 167 | 80 | 69 | 20 | 1 | 97 |
| Inventory days | — | — | 0 | 84 | 74 | 64 | 49 | 566 |
| Payable days | — | — | 140 | 251 | 126 | 53 | 92 | 1,188 |
| NWC days | — | — | 27 | -87 | 18 | 30 | -43 | -525 |
| Leverage | ||||||||
| Current ratio | — | — | 1.37 | 0.71 | 1.31 | 1.53 | 0.74 | 0.65 |
| Debt to EBITDA | — | — | 0 | 0 | — | 2.25 | 2.96 | — |
| Debt to equity | — | — | 0 | 0 | 0 | 0.06 | 0.07 | 0.15 |
| Interest coverage | 5.1 | 25 | 34 | 27 | 94.6 | 3 | 4.8 | -15.2 |
| Asset turnover | — | — | 0.76 | 0.64 | 0.46 | 0.49 | 0.66 | 0.05 |
| Return ratios | ||||||||
| Return on assets % | — | — | 1.2% | 1.1% | 0.8% | 0.7% | 0.9% | -0.1% |
| Return on capital employed % | — | — | 2.2% | 2.2% | 1.3% | 1.7% | 1.4% | -0.2% |
| Return on equity % | — | — | 3.8% | 3.4% | 2.1% | 2% | 2.2% | -0.4% |
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.