Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | — | — | — | 93.9% | 94.1% |
| EBITDA margin % | 66.4% | 65.6% | 48.1% | 26.3% | 6.3% | 21.7% | 19% | 20.9% |
| EBIT margin % | 51.3% | 44.5% | 25.3% | -24.6% | -5.6% | 11.1% | 7.3% | 8.5% |
| PAT margin % | 40.7% | 29.8% | 45.4% | -59.8% | 12.5% | -0.8% | -28.8% | 4.9% |
| Working capital | ||||||||
| Receivable days | 42 | 26 | 58 | 41 | 14 | 6 | 3 | 3 |
| Inventory days | — | — | 0 | 0 | 8 | 5 | 69 | 65 |
| Payable days | — | 41 | 66 | 60 | 66 | 42 | 458 | 543 |
| NWC days | — | — | -8 | -18 | -44 | -30 | -386 | -475 |
| Leverage | ||||||||
| Current ratio | 7.68 | 0.55 | 19.67 | 11.6 | 0.78 | 0.84 | 1.15 | 0.69 |
| Debt to EBITDA | 9.7 | 10 | 22.16 | 58.88 | 22.51 | 2.79 | 0 | 0 |
| Debt to equity | 1.36 | 1.38 | 1.43 | 1.36 | 0.67 | 0.6 | 0 | 0 |
| Interest coverage | 2.4 | 1.5 | 1.6 | 0.5 | 0.2 | 1 | 0.6 | 2.2 |
| Asset turnover | 0.08 | 0.08 | 0.05 | 0.04 | 0.18 | 0.38 | 0.67 | 0.7 |
| Return ratios | ||||||||
| Return on assets % | 3.4% | 2.3% | 2.4% | -2.2% | 2.2% | -0.3% | -19.3% | 3.4% |
| Return on capital employed % | 8.9% | 9.5% | 9.7% | 2.9% | 1.4% | 6.6% | 5.1% | 10.8% |
| Return on equity % | 8.6% | 6.3% | 6.1% | -5.3% | 6% | -0.8% | -42.3% | 7.4% |
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.