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Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 76.7% | 59.9% | 64.6% | 72.8% | 83.8% | — |
| EBITDA margin % | 8.6% | 8% | 8.7% | 8.4% | 8.7% | 11.2% | 11.2% | 15.8% |
| EBIT margin % | 5.6% | 5.3% | 5.6% | 5.8% | 6.4% | 8.3% | 8.6% | 12.7% |
| PAT margin % | 2.1% | 1.4% | 0.4% | 2.4% | 2.6% | 2.6% | 1.2% | 1.3% |
| Working capital | ||||||||
| Receivable days | — | — | 13 | 9 | 9 | 26 | 54 | 73 |
| Inventory days | — | — | 1,146 | 443 | 477 | 883 | 2,023 | 726 |
| Payable days | — | — | 283 | 107 | 63 | 108 | 116 | 52 |
| NWC days | — | — | 877 | 345 | 423 | 800 | 1,961 | 747 |
| Leverage | ||||||||
| Current ratio | — | — | 1.47 | 1.44 | 1.47 | 1.32 | 1.54 | 2.22 |
| Debt to EBITDA | — | — | 4.91 | 4.66 | 4.64 | 5.25 | 8.21 | 10.49 |
| Debt to equity | — | — | 1.12 | 1.39 | 1.46 | 1.77 | 2.93 | 4.33 |
| Interest coverage | 1.6 | 1.4 | 1.1 | 2 | 1.9 | 1.6 | 1.2 | 1.2 |
| Asset turnover | — | — | 0.88 | 1.19 | 1.25 | 0.92 | 0.74 | 0.44 |
| Return ratios | ||||||||
| Return on assets % | — | — | 0.3% | 2.9% | 3.2% | 2.4% | 0.9% | 0.6% |
| Return on capital employed % | — | — | 10.5% | 15.4% | 17.8% | 19.7% | 16.4% | 12.2% |
| Return on equity % | — | — | 1% | 8.5% | 9.2% | 7.8% | 3.9% | 3.4% |
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.