Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 72.7% | 89.1% | 98.9% | — | 95.5% |
| EBITDA margin % | -15% | — | — | 1.9% | 3.6% | 8.1% | 14.2% | 9.1% |
| EBIT margin % | -20% | — | — | 1.9% | 3.6% | 8.1% | 14.2% | 4.6% |
| PAT margin % | 0% | — | — | 1.8% | 2.2% | 5.9% | 11.2% | 3.6% |
| Working capital | ||||||||
| Receivable days | — | — | — | 193 | 35 | 39 | 15 | 216 |
| Inventory days | — | — | — | 82 | 30 | 0 | 0 | 0 |
| Payable days | — | — | — | 562 | 645 | 3,555 | 34 | 5,241 |
| NWC days | — | — | — | -287 | -580 | -3,517 | -20 | -5,024 |
| Leverage | ||||||||
| Current ratio | — | — | — | 2.16 | 0.98 | 0.64 | 2.9 | 1.35 |
| Debt to EBITDA | — | — | — | 0 | 5.54 | 0.35 | 0.1 | 2.23 |
| Debt to equity | — | — | — | 0 | 0.9 | 0.27 | 0.03 | 0.19 |
| Interest coverage | — | — | — | — | 6.7 | 36.8 | 256.1 | 8.3 |
| Asset turnover | — | — | — | 0.74 | 1.55 | 3.07 | 1.31 | 0.46 |
| Return ratios | ||||||||
| Return on assets % | — | — | 0.2% | 1.3% | 3.4% | 18% | 14.6% | 1.7% |
| Return on capital employed % | — | — | — | 3% | 11.8% | 83.6% | 38.6% | 6.2% |
| Return on equity % | — | — | 0.2% | 1.9% | 10% | 56.1% | 24.1% | 3.4% |
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.