Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 14.4% | 14.7% | 74.2% | 13.2% | ||||
| 9.6% |
| 13.2% |
| 9.6% |
| 8% |
| EBITDA margin % | 7.8% | 6.1% | 2.6% | 9.2% | 5.4% | 6.6% | 3.4% | 1.3% |
| EBIT margin % | 5.9% | 3.6% | -0.8% | 7.8% | 2.8% | 5.1% | 2% | -0.3% |
| PAT margin % | 6.7% | 0.5% | -12.3% | 0.6% | 2.4% | 2.7% | 5% | 0.1% |
| Working capital | ||||||||
| Receivable days | — | — | — | 190 | 128 | 102 | 4 | 152 |
| Inventory days | — | — | — | 138 | 35 | 62 | 41 | 49 |
| Payable days | — | — | — | 26 | 27 | 45 | 70 | 58 |
| NWC days | — | — | — | 302 | 136 | 119 | -25 | 142 |
| Leverage | ||||||||
| Current ratio | — | — | — | 2.45 | 2.19 | 2.18 | 2.33 | 3.5 |
| Debt to EBITDA | — | — | — | 3.93 | 2.82 | 1.16 | 1.95 | 11.18 |
| Debt to equity | — | — | — | 0.4 | 0.26 | 0.05 | 0.05 | 0.1 |
| Interest coverage | 2.5 | 0.7 | 0.3 | 1.1 | 3.6 | 2.4 | 3.1 | 1.3 |
| Asset turnover | — | — | — | 0.73 | 1.18 | 0.57 | 0.59 | 0.55 |
| Return ratios | ||||||||
| Return on assets % | — | — | — | 0.4% | 2.8% | 1.5% | 2.9% | 0% |
| Return on capital employed % | — | — | — | 9.2% | 6.2% | 5.1% | 2.8% | 1.4% |
| Return on equity % | — | — | — | 0.6% | 4% | 1.8% | 3.7% | 0% |
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.