Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 22.6% | 24.8% | 68.2% | 37.6% | ||||
Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 22.6% | 24.8% | 68.2% | 37.6% | ||||
| 24.6% |
| 24.4% |
| 26.3% |
| 27% |
| EBITDA margin % | 1.6% | 0.4% | -73.6% | -52.3% | -2.1% | 3.1% | 3.3% | 1.7% |
| EBIT margin % | 0.8% | -1% | -89% | -60.7% | -3.8% | 1.9% | 1.8% | 0.1% |
| PAT margin % | 1.2% | -1.2% | -7.8% | -28.9% | 0.1% | 5% | 5.2% | 5.6% |
| Working capital | ||||||||
| Receivable days | — | 27 | 125 | 156 | 82 | 64 | 59 | 56 |
| Inventory days | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | — | 171 | 2,653 | 1,242 | 367 | 339 | 383 | 451 |
| NWC days | — | -144 | -2,528 | -1,086 | -285 | -275 | -324 | -394 |
| Leverage | ||||||||
| Current ratio | — | 0.98 | 1.47 | 1.31 | 1.3 | 1.28 | 1.3 | 1.11 |
| Debt to EBITDA | — | 13.28 | — | — | — | 0.93 | 0.69 | 1.58 |
| Debt to equity | — | 0.08 | 0.06 | 0.09 | 0.07 | 0.03 | 0.02 | 0.03 |
| Interest coverage | 2.1 | 1.1 | -1.7 | -5.3 | 1.5 | 5 | 5.2 | 5.3 |
| Asset turnover | — | 0.82 | 0.07 | 0.1 | 0.4 | 0.52 | 0.49 | 0.46 |
| Return ratios | ||||||||
| Return on assets % | — | -1% | -0.5% | -2.9% | 0% | 2.6% | 2.5% | 2.6% |
| Return on capital employed % | — | 2.9% | -2% | -5.2% | 3.2% | 9.9% | 10.4% | 9.7% |
| Return on equity % | — | -1.7% | -0.8% | -4.7% | 0.1% | 5.4% | 5.5% | 5.8% |
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.