Standalone figures
| Ratio | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Margins | ||||
| Gross margin % | — | — | — | — |
| EBITDA margin % | 7.2% | -2.8% | ||
| 3.4% |
| 8.4% |
| EBIT margin % | 1% | -8.6% | -1.7% | 3% |
| PAT margin % | -1.2% | -6.4% | 3.5% | 6% |
| Working capital | ||||
| Receivable days | 272 | 473 | 265 | 223 |
| Inventory days | 0 | 0 | 0 | 0 |
| Payable days | 210 | 200 | 127 | 136 |
| NWC days | 62 | 273 | 138 | 87 |
| Leverage | ||||
| Current ratio | 0.89 | 2.29 | 2.05 | 2.03 |
| Debt to EBITDA | 4.4 | — | 1.74 | 0.51 |
| Debt to equity | 0.6 | 0.07 | 0.04 | 0.04 |
| Interest coverage | 0.8 | -0.2 | 3.5 | 5.4 |
| Asset turnover | 0.48 | 0.27 | 0.46 | 0.53 |
| Return ratios | ||||
| Return on assets % | -0.6% | -1.7% | 1.6% | 3.2% |
| Return on capital employed % | 6.8% | -0.7% | 3.3% | 6.5% |
| Return on equity % | -2.2% | -2.7% | 2.4% | 4.9% |
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.