Standalone figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | — | — | — | — | — | — | — |
| EBITDA margin % | 8.9% | 41.5% | 57% | 43% | 45.7% | 30% | -15.4% |
| EBIT margin % | 8.4% | 40.8% | 56.7% | 42.7% | 45.4% | 29.6% | -16% |
| PAT margin % | 24.6% | 58.4% | 46% | 34.2% | 24.8% | 25.3% | -16.6% |
| Working capital | |||||||
| Receivable days | 151 | 101 | 80 | 138 | 180 | 245 | 424 |
| Inventory days | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 76 | 139 | 118 | 90 | 79 | 96 | 85 |
| NWC days | — | -39 | -38 | 48 | 101 | 149 | 339 |
| Leverage | |||||||
| Current ratio | 1.71 | 1.83 | 1.37 | 2.21 | 2.81 | 3.52 | 3.44 |
| Debt to EBITDA | 0.54 | 0 | 0.3 | 0.35 | 0 | 0 | — |
| Debt to equity | 0.07 | 0 | 0.17 | 0.17 | 0 | 0 | 0 |
| Interest coverage | 16.3 | 27.7 | 95.8 | 83.9 | 63 | 74.1 | -1.5 |
| Asset turnover | 0.49 | 0.28 | 0.49 | 0.64 | 0.58 | 0.39 | 0.27 |
| Return ratios | |||||||
| Return on assets % | 12% | 16.4% | 22.7% | 21.8% | 14.4% | 10% | -4.4% |
| Return on capital employed % | 35.7% | 53.1% | 68% | 63.1% | 45.7% | 18.8% | -0.2% |
| Return on equity % | 34.2% | 37.7% | 44.7% | 38% | 18.7% | 13.6% | -5.8% |
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.