Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | 7.9% | 18.3% | 17.2% | 19.8% | 30.5% | 45.2% |
| EBITDA margin % | — | -35.4% | 0.3% | 11.4% | 11.9% | 7.3% | -5.8% | -9.7% |
| EBIT margin % | — | -35.4% | 0.3% | 10% | 10.1% | 4.9% | -10% | -14.5% |
| PAT margin % | — | -35.4% | 5.3% | 7.4% | 7.1% | 3% | -2.5% | -8.3% |
| Working capital | ||||||||
| Receivable days | — | — | 163 | 21 | 131 | 47 | 28 | 21 |
| Inventory days | — | — | 0 | 2 | 5 | 5 | 10 | 20 |
| Payable days | — | — | 179 | 15 | 139 | 33 | 27 | 43 |
| NWC days | — | — | -16 | 7 | -2 | 19 | 12 | -3 |
| Leverage | ||||||||
| Current ratio | — | — | 0.5 | 0.67 | 0.84 | 0.7 | 1.26 | 1.63 |
| Debt to EBITDA | — | — | 176.5 | 4.15 | 1.3 | 2.74 | — | — |
| Debt to equity | — | — | 4.25 | 4.3 | 0.29 | 0.23 | 0.03 | 0.09 |
| Interest coverage | — | -23 | 7 | 207.5 | 10.9 | 3.1 | -1.1 | -1.1 |
| Asset turnover | — | — | 0.91 | 1.52 | 0.94 | 0.85 | 0.44 | 0.15 |
| Return ratios | ||||||||
| Return on assets % | — | — | 4.8% | 11.3% | 6.7% | 2.6% | -1.1% | -1.2% |
| Return on capital employed % | — | — | 8.2% | 137% | 35.4% | 7.8% | -0.9% | -1.3% |
| Return on equity % | — | — | 44.6% | 67.5% | 13.2% | 3.5% | -1.2% | -1.4% |
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.