Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 57.1% | 83.8% | ||||
| 37% |
| 11% |
| 21.2% |
| 43% |
| EBITDA margin % | 4.9% | 11.3% | 2% | 36.4% | -45.7% | 0.3% | -51.8% | -19.3% |
| EBIT margin % | 4.9% | 11.3% | -2% | 31.3% | -53.1% | 0% | -54.1% | -21.1% |
| PAT margin % | 5.6% | 12% | 10.2% | 36.4% | -323.5% | 0.6% | -51.8% | -21.9% |
| Working capital | ||||||||
| Receivable days | 164 | 44 | 153 | 81 | 59 | 408 | 99 | 10 |
| Inventory days | 18 | 92 | 35 | 91 | 0 | 0 | 0 | 0 |
| Payable days | — | — | 0 | 0 | 0 | 430 | 131 | 56 |
| NWC days | — | — | 187 | 172 | 59 | -22 | -32 | -47 |
| Leverage | ||||||||
| Current ratio | — | — | 11.87 | 32.5 | 2 | 1.04 | 0.46 | 0.23 |
| Debt to EBITDA | 0.42 | 1.44 | 7 | 0 | — | 0 | — | — |
| Debt to equity | 0.06 | 0.02 | 0.01 | 0 | 0 | 0 | 0.03 | 0.06 |
| Interest coverage | — | — | 6 | — | — | — | — | — |
| Asset turnover | 1.16 | 0.12 | 0.09 | 0.09 | 0.09 | 0.28 | 0.09 | 0.13 |
| Return ratios | ||||||||
| Return on assets % | 6.5% | 1.5% | 0.9% | 3.1% | -29.1% | 0.2% | -4.8% | -2.8% |
| Return on capital employed % | — | — | 1.1% | 3.1% | -3.9% | 0.2% | -5.1% | -2.9% |
| Return on equity % | 15.2% | 1.5% | 0.9% | 3.1% | -29.4% | 0.2% | -5.2% | -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.