Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 1% | 68.6% | 72.3% | ||||
| 6.3% |
| 5.4% |
| 10.5% |
| 0.5% |
| EBITDA margin % | -18.6% | -16.8% | 41.1% | 45.4% | 3.9% | 3.7% | 5.4% | -0.8% |
| EBIT margin % | -18.6% | -16.8% | 38.6% | 43.2% | 3.9% | 3.1% | 4.9% | -1% |
| PAT margin % | 5.7% | 21.5% | 24.8% | 30.2% | 5.3% | 4.7% | 5.7% | 2.8% |
| Working capital | ||||||||
| Receivable days | — | 34 | 254 | 233 | 23 | 20 | 32 | 6 |
| Inventory days | — | 0 | 382 | 508 | 0 | 0 | 0 | 0 |
| Payable days | — | 27 | 62 | 162 | 129 | 143 | 12 | 17 |
| NWC days | — | 7 | 574 | 579 | -106 | -123 | 20 | -11 |
| Leverage | ||||||||
| Current ratio | — | 5.59 | 3.64 | 5.02 | 1.78 | 1.67 | 17.56 | 10.97 |
| Debt to EBITDA | — | — | 0.35 | 0.05 | 0.88 | 3.05 | 1.73 | — |
| Debt to equity | — | 0.11 | 0.16 | 0.01 | 0.03 | 0.05 | 0.03 | 0.22 |
| Interest coverage | — | 7.9 | 6.1 | 12.6 | 130 | 13.3 | 9.6 | 7.1 |
| Asset turnover | — | 0.11 | 0.68 | 0.44 | 0.71 | 0.36 | 0.3 | 0.52 |
| Return ratios | ||||||||
| Return on assets % | — | 2.4% | 16.9% | 13.3% | 3.7% | 1.7% | 1.7% | 1.4% |
| Return on capital employed % | — | 4.2% | 65.5% | 32.2% | 0.4% | 4.2% | 3% | 2.7% |
| Return on equity % | — | 2.7% | 26.7% | 16.4% | 5.1% | 2.1% | 1.8% | 1.8% |
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.