Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 31.2% | — | — | — | — |
| EBITDA margin % | 13.3% | 13% | 13.6% | 25.9% | 10.3% | 12.2% | 21% | 31.7% |
| EBIT margin % | 13.3% | 13% | 13.6% | 25.9% | 10.3% | 12.2% | 16.8% | 31.7% |
| PAT margin % | 9.7% | 7% | 6.9% | 12.3% | 9% | 15.8% | 110.9% | 21.5% |
| Working capital | ||||||||
| Receivable days | 49 | 22 | 23 | 41 | 48 | 59 | 20 | 4 |
| Inventory days | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 83 | 66 | 140 | 136 | 121 | 167 | 191 | 186 |
| NWC days | — | — | -117 | -95 | -73 | -108 | -171 | -182 |
| Leverage | ||||||||
| Current ratio | — | — | 0.58 | 0.74 | 0.75 | 0.49 | 0.64 | 0.42 |
| Debt to EBITDA | 8.56 | 14.46 | 26.92 | 8.11 | 13.72 | 15.9 | 10.19 | 8.05 |
| Debt to equity | 1.46 | 2.92 | 3.53 | 0.64 | 0.66 | 0.98 | 0.74 | 0.74 |
| Interest coverage | 3 | 2.2 | 1.4 | 1.6 | 2.2 | 2.3 | 2.8 | 3.2 |
| Asset turnover | 0.35 | 0.31 | 0.18 | 0.17 | 0.25 | 0.22 | 0.17 | 0.14 |
| Return ratios | ||||||||
| Return on assets % | 3.4% | 2.2% | 1.3% | 2% | 2.2% | 3.5% | 18.5% | 3.1% |
| Return on capital employed % | — | — | 8.6% | 11.7% | 7.1% | 12% | 8.3% | 8% |
| Return on equity % | 12.5% | 10.9% | 6.6% | 3.8% | 4.2% | 8% | 38.2% | 6.2% |
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.