Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | 20.3% | 3.1% | 17% | 15.9% | 16.8% | 20.9% | 23.3% |
| EBITDA margin % | 8.1% | 6.1% | -15.2% | -10% | -17.1% | 4.8% | 8.5% | 8.2% |
| EBIT margin % | 7.3% | 5.2% | -16.2% | -11.9% | -18.7% | 3.8% | 7.7% | 7.3% |
| PAT margin % | 3.9% | -11.9% | -34.4% | -82.2% | -3% | 4% | 4.2% | 3.8% |
| Working capital | ||||||||
| Receivable days | 294 | 309 | — | 338 | 234 | 149 | 180 | 186 |
| Inventory days | 21 | 2 | — | 0 | 0 | 0 | 0 | 0 |
| Payable days | — | — | — | 0 | 280 | 172 | 266 | 390 |
| NWC days | — | — | — | 338 | -46 | -23 | -86 | -204 |
| Leverage | ||||||||
| Current ratio | 1.82 | 1.76 | — | 1.15 | 2.57 | 2.84 | 3.16 | 3.15 |
| Debt to EBITDA | 10.54 | 15.96 | — | — | — | 16.88 | 7.01 | 7.81 |
| Debt to equity | 0.5 | 0.56 | — | 1.31 | 0.37 | 0.37 | 0.24 | 0.19 |
| Interest coverage | 1.3 | 0.8 | -0.6 | -0.2 | -1 | 1.5 | 2.1 | 1.8 |
| Asset turnover | 0.29 | 0.28 | — | 0.15 | 0.2 | 0.27 | 0.26 | 0.2 |
| Return ratios | ||||||||
| Return on assets % | 1.1% | -3.4% | — | -12.2% | -0.6% | 1.1% | 1.1% | 0.8% |
| Return on capital employed % | 7.5% | 5.1% | — | -2.8% | -4.9% | 4.4% | 5.5% | 3.6% |
| Return on equity % | 2.3% | -6.9% | — | -33.4% | -1% | 1.9% | 1.7% | 1.1% |
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.