Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 43.6% | 50.3% | 59% | 50.5% | 39% | 36% | 40.8% | 54.9% |
| EBITDA margin % | 1.9% | 9.8% | 13.3% | -0.3% | -11.8% | -15.8% | -6.4% | 17% |
| EBIT margin % | -2.4% | 5.8% | 9.9% | -4.7% | -15.9% | -21.1% | -11.2% | 8% |
| PAT margin % | 4.5% | 9.4% | 12.1% | 6.7% | -2.7% | 0.4% | 8.9% | 5.5% |
| Working capital | ||||||||
| Receivable days | — | 65 | 84 | 87 | 22 | 97 | 141 | 146 |
| Inventory days | 74 | 101 | 154 | 228 | 129 | 117 | 87 | 171 |
| Payable days | 43 | 208 | 197 | 193 | 99 | 130 | 79 | 182 |
| NWC days | — | -41 | 41 | 122 | 53 | 84 | 148 | 136 |
| Leverage | ||||||||
| Current ratio | 2.95 | 1.2 | 1.69 | 1.81 | 1.22 | 0.99 | 1.42 | 2.31 |
| Debt to EBITDA | 2.91 | 1.33 | 0.15 | — | — | — | — | 0.14 |
| Debt to equity | 0.26 | 0.03 | 0.01 | 0.01 | 0.02 | 0.04 | 0.04 | 0.01 |
| Interest coverage | 2.9 | 5.5 | 17.2 | 10.7 | -2.9 | 2.4 | 7.8 | 10.9 |
| Asset turnover | 1.29 | 0.23 | 0.24 | 0.2 | 0.2 | 0.14 | 0.15 | 0.38 |
| Return ratios | ||||||||
| Return on assets % | 5.8% | 2.1% | 2.9% | 1.3% | -0.5% | 0.1% | 1.3% | 2.1% |
| Return on capital employed % | 1.8% | 5.6% | 4.8% | 1.7% | -0.7% | 1% | 2.8% | 8.1% |
| Return on equity % | 21% | 2.4% | 3.1% | 1.4% | -0.6% | 0.1% | 1.4% | 2.4% |
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.