Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 95% | 97.4% | 98.1% | 95.2% | ||||
| 85.4% |
| 70.8% |
| 70.9% |
| 69.9% |
| EBITDA margin % | 13% | 20% | 15.4% | 16.6% | 19% | 14.1% | 13.9% | 9.9% |
| EBIT margin % | 4.2% | 12.9% | 7.1% | 8.7% | 13.5% | 10.3% | 11.5% | 8.2% |
| PAT margin % | 10.2% | 17% | 23.1% | 12.1% | 14% | 11.7% | 15.3% | 14.6% |
| Working capital | ||||||||
| Receivable days | 215 | — | 154 | 131 | 136 | 83 | 96 | 69 |
| Inventory days | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 757 | — | 1,630 | 519 | 0 | 107 | 125 | 109 |
| NWC days | — | — | -1,475 | -388 | 136 | -24 | -29 | -40 |
| Leverage | ||||||||
| Current ratio | 1.48 | — | 4.57 | 5.24 | 3.5 | 5.61 | 5.37 | 3.88 |
| Debt to EBITDA | 2.56 | — | 0.17 | 0.08 | 0.04 | 0.15 | 0.18 | 0.24 |
| Debt to equity | 0.2 | — | 0.02 | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 |
| Interest coverage | 7.9 | 29 | 42.9 | 100 | 47.8 | 42.3 | 55.1 | 36.9 |
| Asset turnover | 0.41 | — | 0.55 | 0.6 | 0.73 | 0.73 | 0.68 | 0.86 |
| Return ratios | ||||||||
| Return on assets % | 4.2% | — | 12.7% | 7.2% | 10.2% | 8.5% | 10.4% | 12.6% |
| Return on capital employed % | 9.4% | — | 9.2% | 11.2% | 17.3% | 15.6% | 16.5% | 17.5% |
| Return on equity % | 6.2% | — | 14.4% | 8.1% | 12.3% | 10% | 12.3% | 15.7% |
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.