Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 12% | 12.2% | 22.2% | 20% | 18.7% | 50.4% | — | — |
| EBITDA margin % | -1.4% | 2.5% | 7.8% | 8.4% | 3.2% | 14% | -20.1% | -19.1% |
| EBIT margin % | -1.4% | -1% | 1.4% | 4.3% | -0.8% | 6.6% | -49.1% | -45.8% |
| PAT margin % | -6.1% | -3% | -3.7% | 0.8% | 7.1% | 14.3% | 1.6% | -13.8% |
| Working capital | ||||||||
| Receivable days | — | — | 158 | 96 | 82 | 156 | 435 | 369 |
| Inventory days | — | — | 4 | 0 | 0 | 0 | 0 | 0 |
| Payable days | — | — | 8 | 6 | 9 | 36 | 32 | 28 |
| NWC days | — | — | 154 | 90 | 74 | 121 | 403 | 341 |
| Leverage | ||||||||
| Current ratio | — | — | 0.46 | 1 | 0.46 | 0.45 | 0.41 | 0.36 |
| Debt to EBITDA | — | — | 21.83 | 6.45 | 14.99 | 5.73 | — | — |
| Debt to equity | — | — | 0.3 | 0.14 | 0.1 | 0.09 | 0.08 | 0.09 |
| Interest coverage | 0 | 0.3 | 0.8 | 1 | 2.2 | 2.6 | 1 | 0.5 |
| Asset turnover | — | — | 0.13 | 0.23 | 0.19 | 0.1 | 0.02 | 0.02 |
| Return ratios | ||||||||
| Return on assets % | — | — | -0.5% | 0.2% | 1.3% | 1.4% | 0% | -0.3% |
| Return on capital employed % | — | — | 2.4% | 3.1% | 2.7% | 3.2% | 1% | 0.5% |
| Return on equity % | — | — | -0.7% | 0.2% | 1.5% | 1.5% | 0% | -0.4% |
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.