Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 66.5% | 53.4% | 26.9% | 24.4% | 28.8% | 44.5% |
| EBITDA margin % | 10.8% | 18.7% | 18.2% | 10.9% | 6.7% | 2.9% | 1.4% | -5.1% |
| EBIT margin % | 4.3% | 12.5% | 12.3% | 8.1% | 5.5% | 1.8% | 0% | -7.6% |
| PAT margin % | 2.8% | 6.5% | 97% | 57.7% | 18.7% | 12.6% | 16% | 12.4% |
| Working capital | ||||||||
| Receivable days | 9 | 7 | 38 | 90 | 84 | 83 | 92 | 115 |
| Inventory days | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 33 | — | 119 | 127 | 137 | 105 | 101 | 151 |
| NWC days | — | — | -81 | -37 | -53 | -22 | -9 | -36 |
| Leverage | ||||||||
| Current ratio | 0.24 | 0.33 | 1.85 | 2.03 | 1.09 | 1.46 | 2.51 | 2.79 |
| Debt to EBITDA | 3.49 | 1.51 | 0.94 | 0.69 | 0.35 | 3.5 | 7.58 | — |
| Debt to equity | 0.14 | 0.1 | 0.05 | 0.04 | 0.05 | 0.24 | 0.07 | 0.06 |
| Interest coverage | 1.3 | 3.4 | 30.8 | 63.7 | 76.2 | 17.4 | 12.3 | 6.4 |
| Asset turnover | 0.26 | 0.28 | 0.24 | 0.45 | 1.11 | 1.23 | 0.52 | 0.31 |
| Return ratios | ||||||||
| Return on assets % | 0.7% | 1.8% | 23.2% | 26% | 20.7% | 15.6% | 8.3% | 3.8% |
| Return on capital employed % | 2.2% | 5% | 33.8% | 38.4% | 43.9% | 32.3% | 15.6% | 5.2% |
| Return on equity % | 1% | 2.4% | 28.7% | 33.1% | 40% | 29.8% | 10.2% | 4.6% |
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.