Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 56.5% | 46% | — | 70.2% | 89% | 89.8% |
| EBITDA margin % | 8% | 30.4% | 14.1% | 15.6% | 40% | 51.1% | 49.4% | 56.6% |
| EBIT margin % | 6.1% | 21.4% | 10% | 10% | 35.3% | 47.3% | 45.8% | 51.3% |
| PAT margin % | 9.7% | 19.5% | 9% | 6.9% | 17.9% | 24.5% | 17.6% | 20.5% |
| Working capital | ||||||||
| Receivable days | — | — | 28 | 15 | 129 | 156 | 101 | 146 |
| Inventory days | — | — | 20 | 26 | — | 0 | 0 | 0 |
| Payable days | — | — | 102 | 36 | — | 115 | 60 | 178 |
| NWC days | — | — | -53 | 5 | — | 41 | 41 | -31 |
| Leverage | ||||||||
| Current ratio | — | — | 1.87 | 1.39 | 0.21 | 0.76 | 1.75 | 3.18 |
| Debt to EBITDA | — | — | 2.16 | 1.32 | 3.6 | 4.79 | 5.71 | 4.91 |
| Debt to equity | — | — | 0.22 | 0.22 | 0.48 | 0.94 | 1.11 | 1.09 |
| Interest coverage | 30.3 | 22.8 | 6.4 | 4.5 | 3.1 | 2.6 | 1.9 | 2 |
| Asset turnover | — | — | 0.45 | 0.59 | 0.14 | 0.17 | 0.18 | 0.18 |
| Return ratios | ||||||||
| Return on assets % | — | — | 4.1% | 4% | 2.6% | 4.1% | 3.2% | 3.7% |
| Return on capital employed % | — | — | 7.5% | 10.8% | 13.5% | 11.9% | 10% | 11.7% |
| Return on equity % | — | — | 6.4% | 7.2% | 6% | 9.4% | 6.9% | 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.