Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 13.1% | 31.8% | 59.2% | 66.3% | — | — | — | — |
| EBITDA margin % | -8.6% | 11.7% | -20.4% | -11% | 45.2% | 28.2% | 55.8% | 60.2% |
| EBIT margin % | -8.7% | 11.5% | -21% | -11.9% | 43.2% | 25.9% | 52.9% | 57.4% |
| PAT margin % | -11.1% | 9.1% | 23.6% | 42.5% | 73.7% | 54.4% | 129.6% | 60% |
| Working capital | ||||||||
| Receivable days | 214 | 542 | 618 | 316 | 375 | 366 | 363 | 224 |
| Inventory days | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | — | — | 796 | 371 | 291 | 189 | 327 | 313 |
| NWC days | — | — | -178 | -54 | 84 | 176 | 37 | -89 |
| Leverage | ||||||||
| Current ratio | 0.93 | 0.96 | 1.01 | 1.09 | 1.15 | 1.22 | 1.28 | 1.49 |
| Debt to EBITDA | — | 2.38 | — | — | 0.99 | 1.63 | 0.84 | 0.65 |
| Debt to equity | 2.91 | 0.83 | 0.43 | 0.32 | 0.24 | 0.22 | 0.19 | 0.16 |
| Interest coverage | -3.7 | 5.7 | 17.6 | 85 | 3,484.1 | 694.8 | 1,338.3 | — |
| Asset turnover | 1.18 | 0.47 | 0.23 | 0.29 | 0.14 | 0.17 | 0.15 | 0.18 |
| Return ratios | ||||||||
| Return on assets % | -13.1% | 4.2% | 5.5% | 12.4% | 10.5% | 9.3% | 18.9% | 10.9% |
| Return on capital employed % | -92.3% | 58.5% | 34.8% | 50.3% | 56.2% | 43.2% | 32.6% | 34.1% |
| Return on equity % | -155.9% | 26.9% | 28.5% | 43% | 40.3% | 25.9% | 53.6% | 24.1% |
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.