Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 21.4% | 29.1% | 27.5% | 47.8% | 26.7% | 28.1% | 18.7% |
| EBITDA margin % | — | 4.3% | -34.6% | -26.7% | 7.1% | 18.5% | 23.2% | 3.6% |
| EBIT margin % | — | 4.3% | -34.5% | -29.6% | -2.2% | 15.5% | 20.2% | -2.4% |
| PAT margin % | — | 3.3% | 12.7% | -17.5% | -0.5% | 0.7% | 6.4% | -7.7% |
| Working capital | ||||||||
| Receivable days | — | 198 | 7 | 61 | 319 | 478 | 598 | 174 |
| Inventory days | — | 27 | 0 | 235 | 186 | 175 | 279 | 46 |
| Payable days | — | 95 | 402 | 195 | 354 | 123 | 484 | 186 |
| NWC days | — | 130 | -396 | 101 | 152 | 530 | 393 | 34 |
| Leverage | ||||||||
| Current ratio | — | 1.65 | 1.08 | 1.65 | 1.62 | 0.93 | 1.23 | 1.22 |
| Debt to EBITDA | — | 20.11 | — | — | 34.77 | 10.4 | 4.71 | 32.73 |
| Debt to equity | — | 3.62 | 7.14 | 0.86 | 1.08 | 2.47 | 0.92 | 1.17 |
| Interest coverage | — | — | — | — | -0 | 1.3 | 1.6 | -0.1 |
| Asset turnover | — | 0.66 | 0.1 | 0.25 | 0.19 | 0.3 | 0.29 | 0.38 |
| Return ratios | ||||||||
| Return on assets % | — | 2.2% | 1.3% | -4.4% | -0.1% | 0.2% | 1.9% | -2.9% |
| Return on capital employed % | — | 3.9% | 4.2% | -17.2% | -0% | 19.5% | 22.8% | -1.1% |
| Return on equity % | — | 14% | 12.5% | -10% | -0.2% | 0.9% | 5.4% | -7.6% |
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.