Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 6.9% | 26.8% | ||||
| 9.6% |
| 8.9% |
| 16.1% |
| 7% |
| EBITDA margin % | -2.3% | 1.4% | 1.3% | -8.1% | -3% | -1.4% | -5.5% | -6.2% |
| EBIT margin % | -9.8% | -14.1% | -3.4% | -27.1% | -9% | -4.4% | -10.3% | -8.2% |
| PAT margin % | 29.4% | 92.9% | 6.7% | 163.6% | 26.4% | 41.7% | 103% | 27.7% |
| Working capital | ||||||||
| Receivable days | 47 | 140 | 116 | 221 | 100 | 31 | 30 | 4 |
| Inventory days | 1 | 1 | 1 | 0 | 0 | 0 | 190 | 74 |
| Payable days | 5 | 18 | 7 | 56 | 10 | 3 | 16 | 7 |
| NWC days | 43 | 123 | 110 | 165 | 91 | 28 | 204 | 72 |
| Leverage | ||||||||
| Current ratio | 4.92 | 6.35 | 6.15 | 12.24 | 5.84 | 6.13 | 4.47 | 4.65 |
| Debt to EBITDA | — | 61.71 | 28.84 | — | — | — | — | — |
| Debt to equity | 0.08 | 0.05 | 0.06 | 0.04 | 0.05 | 0.03 | 0.05 | 0.16 |
| Interest coverage | 3.8 | 8 | 7.9 | 12.8 | 7.4 | 14.8 | 12.9 | 5 |
| Asset turnover | 0.11 | 0.05 | 0.16 | 0.03 | 0.08 | 0.13 | 0.05 | 0.1 |
| Return ratios | ||||||||
| Return on assets % | 3.2% | 5% | 1% | 4.7% | 2.1% | 5.4% | 5.1% | 2.8% |
| Return on capital employed % | 5.4% | 6.7% | 5.1% | 6.7% | 3.8% | 6.9% | 6.6% | 4.6% |
| Return on equity % | 3.6% | 5.5% | 1.1% | 5% | 2.3% | 5.7% | 5.5% | 3.2% |
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.