Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 64.8% | 57.8% | 65.3% | 62.6% | 60.1% | 68.9% | 76.1% |
| EBITDA margin % | 4% | -15% | -14% | 16.2% | 6.5% | -3.1% | 21.4% | 29.7% |
| EBIT margin % | -1.7% | -34.4% | -32.6% | 3.7% | -10.8% | -18.4% | 9.4% | 19% |
| PAT margin % | -3.8% | -26% | 60.1% | -10.2% | -43.5% | -36.6% | -0.9% | 18.2% |
| Working capital | ||||||||
| Receivable days | 171 | — | 353 | 344 | 188 | 179 | 159 | 178 |
| Inventory days | 65 | — | 305 | 297 | 330 | 254 | 357 | 469 |
| Payable days | — | — | 338 | 446 | 507 | 459 | 398 | 442 |
| NWC days | — | — | 320 | 194 | 11 | -26 | 117 | 204 |
| Leverage | ||||||||
| Current ratio | 1 | — | 0.65 | 0.74 | 0.49 | 0.88 | 1.34 | 1.61 |
| Debt to EBITDA | 17.46 | — | — | 7.16 | 23.14 | — | 5.09 | 3.38 |
| Debt to equity | 1.23 | — | 0.83 | 0.72 | 0.92 | 1 | 0.55 | 0.57 |
| Interest coverage | -0 | -1.2 | -1.4 | 0.3 | -0.2 | -0.7 | 0.9 | 2.7 |
| Asset turnover | 0.47 | — | 0.2 | 0.24 | 0.23 | 0.24 | 0.26 | 0.29 |
| Return ratios | ||||||||
| Return on assets % | -1.8% | — | 12.1% | -2.4% | -9.8% | -8.7% | -0.2% | 5.3% |
| Return on capital employed % | -0.2% | — | -12.3% | 3.5% | -2% | -6.7% | 5.4% | 11.1% |
| Return on equity % | -6.7% | — | 36.9% | -6.3% | -26.6% | -23.5% | -0.4% | 10.3% |
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.