Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | — | — | — | — | — |
| EBITDA margin % | 81.8% | 74.1% | 59.7% | 45.7% | 25.4% | 48.7% | 61.1% | 55.3% |
| EBIT margin % | 68.8% | 50.7% | 14% | -6.9% | -10.1% | 23.4% | 32.9% | 31.5% |
| PAT margin % | 29% | -8.4% | 93% | -179.2% | -167.2% | -108.7% | -67.8% | -54.9% |
| Working capital | ||||||||
| Receivable days | 361 | 19 | 38 | 57 | 13 | 3 | 947 | 2 |
| Inventory days | — | — | 0 | 0 | 0 | 0 | — | 0 |
| Payable days | 7,034 | — | 353 | 233 | 86 | 40 | — | 29 |
| NWC days | — | — | -315 | -177 | -73 | -37 | — | -27 |
| Leverage | ||||||||
| Current ratio | 0.9 | 0.47 | 0.89 | 0.23 | 0.31 | 1.92 | 0.79 | 0.04 |
| Debt to EBITDA | 10.42 | 8.03 | 24.41 | 68.58 | 100.8 | 25.72 | 46.34 | 28.27 |
| Debt to equity | 2.7 | 0.83 | 0.98 | 2.84 | 4 | 0.94 | 4.61 | 1.4 |
| Interest coverage | 1.9 | 0.9 | 1.9 | 0.3 | 0.2 | 0.3 | 0.6 | 0.6 |
| Asset turnover | 0.05 | 0.07 | 0.03 | 0.02 | 0.03 | 0.04 | 0.02 | 0.04 |
| Return ratios | ||||||||
| Return on assets % | 1.6% | -0.6% | 3.1% | -4.1% | -5.1% | -4.2% | -1.4% | -2% |
| Return on capital employed % | 10.4% | 4.8% | 9.5% | 2% | 2% | 1.9% | 4.2% | 6.6% |
| Return on equity % | 9.2% | -1.2% | 6.2% | -16.2% | -26.1% | -8.1% | -11% | -4.9% |
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.