Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 86.5% | 89.1% | 79.6% | 71.2% | ||||
Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 86.5% | 89.1% | 79.6% | 71.2% | ||||
| 72.3% |
| 73.2% |
| 73.8% |
| 61.1% |
| EBITDA margin % | 20% | 12.1% | -2.6% | 23.5% | 32.5% | 40.8% | 43.7% | 25.9% |
| EBIT margin % | 11.7% | 1.3% | -14.9% | 14.9% | 24.9% | 30.5% | 33% | 11.5% |
| PAT margin % | 10.4% | 5% | -46.9% | -70.5% | 21.4% | 23.2% | 22.2% | 7.5% |
| Working capital | ||||||||
| Receivable days | 203 | 174 | 175 | 150 | 171 | 268 | 257 | 192 |
| Inventory days | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 290 | 390 | 217 | 215 | 158 | 188 | 175 | 131 |
| NWC days | — | — | -43 | -65 | 13 | 80 | 82 | 61 |
| Leverage | ||||||||
| Current ratio | 2.59 | 3.34 | 2.88 | 2.09 | 3.56 | 3.09 | 2.3 | 2.37 |
| Debt to EBITDA | 0.84 | 0.53 | — | 0.41 | 0.55 | 0.65 | 0.88 | 2.27 |
| Debt to equity | 0.07 | 0.02 | 0.02 | 0.06 | 0.07 | 0.09 | 0.18 | 0.21 |
| Interest coverage | 6.9 | 2.6 | -3.1 | 9.1 | 19.2 | 16.5 | 11.2 | 4.1 |
| Asset turnover | 0.33 | 0.32 | 0.26 | 0.45 | 0.33 | 0.28 | 0.34 | 0.27 |
| Return ratios | ||||||||
| Return on assets % | 3.4% | 1.6% | -12.3% | -31.6% | 7.1% | 6.5% | 7.5% | 2% |
| Return on capital employed % | 5.9% | 2.1% | -3.2% | 9.3% | 15.1% | 12.2% | 15.9% | 7.2% |
| Return on equity % | 4.2% | 1.9% | -14.4% | -43% | 8.7% | 8.2% | 10.1% | 2.7% |
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.