Standalone figures
| Ratio | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Margins | |||||||
| Gross margin % | — | 76.2% | 74.4% | 81.7% | 81.6% | ||
| 79.7% |
| 77.8% |
| EBITDA margin % | -10.1% | 15.6% | 24.3% | 30.7% | 32.6% | 31.3% | 28.6% |
| EBIT margin % | -15.7% | 6.8% | 18.6% | 24.7% | 27.6% | 26.4% | 23.6% |
| PAT margin % | -5% | -16% | 19.2% | 36.5% | 29.4% | 26.3% | 24.9% |
| Working capital | |||||||
| Receivable days | 517 | 109 | 56 | 27 | 32 | 40 | 53 |
| Inventory days | 0 | 32 | 20 | 31 | 24 | 20 | 18 |
| Payable days | 78 | 288 | 161 | 230 | 225 | 191 | 165 |
| NWC days | 439 | -147 | -84 | -172 | -169 | -130 | -94 |
| Leverage | |||||||
| Current ratio | 4.15 | 3.5 | 2.36 | 3.26 | 2.01 | 1.42 | 1.61 |
| Debt to EBITDA | — | 2.08 | 0.72 | 0.91 | 0.58 | 0.73 | 1.01 |
| Debt to equity | 0.23 | 0.06 | 0.05 | 0.08 | 0.06 | 0.07 | 0.09 |
| Interest coverage | 0.9 | 1.6 | 10.1 | 11.8 | 17.7 | 22.1 | 24.6 |
| Asset turnover | 0.02 | 0.14 | 0.23 | 0.23 | 0.26 | 0.27 | 0.26 |
| Return ratios | |||||||
| Return on assets % | -0.1% | -2.3% | 4.4% | 8.2% | 7.6% | 7% | 6.6% |
| Return on capital employed % | 2% | 3.6% | 6.4% | 8.1% | 11.1% | 11.9% | 10% |
| Return on equity % | -0.1% | -2.8% | 5.2% | 9.9% | 8.9% | 8.5% | 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.