Standalone figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | — | — | — | — | — | — | 98.1% |
| EBITDA margin % | 14.4% | 27.5% | 25.2% | 15.1% | 15.9% | -0.9% | 11.8% |
| EBIT margin % | 14.4% | 23.4% | 21.4% | 8% | 12.8% | -8.3% | 5.1% |
| PAT margin % | -24% | 25.8% | 33.6% | 22.5% | 11.5% | 68.8% | 1.8% |
| Working capital | |||||||
| Receivable days | 268 | 241 | 320 | 314 | 380 | 481 | 108 |
| Inventory days | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 89 | 127 | 97 | 67 | 63 | 76 | 2,084 |
| NWC days | — | 115 | 223 | 247 | 317 | 405 | -1,976 |
| Leverage | |||||||
| Current ratio | 1.16 | 2.18 | 2.5 | 2.9 | 2.07 | 2.85 | 1.09 |
| Debt to EBITDA | 4.2 | 2.05 | 2.21 | 3.16 | 4.56 | — | 3.06 |
| Debt to equity | 0.44 | 0.18 | 0.16 | 0.13 | 0.19 | 0.09 | 0.62 |
| Interest coverage | 1.6 | 4.2 | 6.8 | 5.6 | 2.4 | 1.6 | 1.5 |
| Asset turnover | 0.4 | 0.23 | 0.22 | 0.22 | 0.2 | 0.12 | 0.77 |
| Return ratios | |||||||
| Return on assets % | -9.5% | 5.9% | 7.2% | 4.9% | 2.3% | 8.6% | 1.4% |
| Return on capital employed % | 13.5% | 14.9% | 15.1% | 10.4% | 4.5% | 2.1% | 11.5% |
| Return on equity % | -17.6% | 8.2% | 9.8% | 6.3% | 3% | 10.2% | 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.