Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 46.8% | 91.7% | 98.8% | — | 98% | — | — | — |
| EBITDA margin % | 7.4% | 6.3% | 4.6% | 5.9% | -7.6% | 7.8% | 11.4% | 15.4% |
| EBIT margin % | 6% | 6% | 4.2% | 5.5% | -7.8% | 7.6% | 11.3% | 15.1% |
| PAT margin % | 2.1% | 2.4% | 0.5% | -1% | 2.7% | 4.1% | 8.8% | 10.4% |
| Working capital | ||||||||
| Receivable days | 281 | — | 448 | 527 | 357 | 537 | 462 | 243 |
| Inventory days | 41 | — | 532 | 8 | 17 | 0 | 0 | 0 |
| Payable days | — | — | 20,638 | 248 | 6,390 | 195 | 196 | 194 |
| NWC days | — | — | -19,658 | 287 | -6,016 | 342 | 265 | 49 |
| Leverage | ||||||||
| Current ratio | 1.62 | — | 1.38 | 1.45 | 1.93 | 1.95 | 2.01 | 1.69 |
| Debt to EBITDA | 3.86 | — | 7.38 | 8.05 | — | 5.06 | 1.62 | 1.07 |
| Debt to equity | 0.49 | — | 0.5 | 0.56 | 0.22 | 0.3 | 0.16 | 0.27 |
| Interest coverage | 1.8 | 2.1 | 1.2 | 0.9 | 2.4 | 3.6 | 4.3 | 5.4 |
| Asset turnover | 0.84 | — | 0.54 | 0.46 | 0.66 | 0.41 | 0.5 | 0.73 |
| Return ratios | ||||||||
| Return on assets % | 1.8% | — | 0.3% | -0.5% | 1.8% | 1.7% | 4.4% | 7.6% |
| Return on capital employed % | 12.5% | — | 8.8% | 9% | 13.2% | 8.9% | 13.3% | 28.4% |
| Return on equity % | 3.6% | — | 0.8% | -1.2% | 3.2% | 3.1% | 7.7% | 17% |
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.