Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | — | — | — | — | — |
| EBITDA margin % | 25.2% | 37.1% | 43.5% | 49.7% | 51.7% | 53.7% | 55.8% | 57.8% |
| EBIT margin % | -5.2% | -0.5% | 9.3% | 14.9% | 20.6% | 22.7% | 25.9% | 29.4% |
| PAT margin % | -3.7% | -66.4% | -39.2% | -5.1% | -0.1% | 5.3% | 21.6% | 11.3% |
| Working capital | ||||||||
| Receivable days | 28 | 26 | 18 | 14 | 9 | 10 | 11 | 9 |
| Inventory days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 199 | 224 | 263 | 232 | 241 | 245 | 260 |
| NWC days | 28 | -174 | -206 | -248 | -223 | -231 | -234 | -251 |
| Leverage | ||||||||
| Current ratio | 0.32 | 0.63 | 0.56 | 0.44 | 0.52 | 0.43 | 0.32 | 0.4 |
| Debt to EBITDA | 6.71 | 4.09 | 3.37 | 3.07 | 3.21 | 2.49 | 1.82 | 1.35 |
| Debt to equity | 0.85 | 0.81 | 1.22 | 1.44 | 1.78 | 1.25 | 0.79 | 0.59 |
| Interest coverage | -0.4 | 0 | 0.7 | 0.8 | 1.4 | 1.6 | 1.9 | 2.5 |
| Asset turnover | 0.22 | 0.18 | 0.23 | 0.26 | 0.25 | 0.27 | 0.28 | 0.3 |
| Return ratios | ||||||||
| Return on assets % | -0.8% | -12% | -9.1% | -1.3% | -0% | 1.4% | 6% | 3.4% |
| Return on capital employed % | -1.5% | 0% | 4.1% | 5.9% | 8.9% | 8.8% | 11% | 13.5% |
| Return on equity % | -1.9% | -35.6% | -32.6% | -4.8% | -0.1% | 4.9% | 16.8% | 8.6% |
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.