Standalone figures
| Ratio | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | — | — | — | — | — |
| EBITDA margin % | 21.1% | 25.9% | 31.5% | 25% | 12.2% | -10.6% | -6.5% | 17.2% |
| EBIT margin % | 13.3% | 13% | 20.2% | 14.7% | 0% | -23% | -27.2% | 2.5% |
| PAT margin % | -9.1% | -51.6% | 10.3% | 12.8% | -8.7% | -18.8% | -22.1% | 3% |
| Working capital | ||||||||
| Receivable days | 111 | 120 | 138 | 123 | 77 | 135 | 138 | 184 |
| Inventory days | 2 | — | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | — | — | 26 | 19 | 20 | 51 | 52 | 85 |
| NWC days | — | — | 112 | 105 | 57 | 84 | 86 | 99 |
| Leverage | ||||||||
| Current ratio | 1.17 | 1.33 | 2.53 | 2.02 | 0.61 | 0.4 | 0.46 | 0.62 |
| Debt to EBITDA | 1.41 | 0.69 | 1.75 | 1.31 | 3.1 | — | — | 0.11 |
| Debt to equity | 0.29 | 0.3 | 0.66 | 0.35 | 0.35 | 0.28 | 0.18 | 0.02 |
| Interest coverage | 5.2 | 3.5 | 5 | 2.8 | 0.8 | -3.8 | -3.9 | 1.7 |
| Asset turnover | 0.6 | 0.82 | 0.55 | 0.63 | 0.54 | 0.42 | 0.44 | 0.55 |
| Return ratios | ||||||||
| Return on assets % | -5.5% | -42.3% | 5.7% | 8% | -4.7% | -8% | -9.8% | 1.6% |
| Return on capital employed % | 12.1% | 13.3% | 18.9% | 13% | 2.8% | -13.3% | -19.6% | 5.8% |
| Return on equity % | -8.9% | -86.7% | 12.2% | 13.7% | -8% | -18% | -23.5% | 3.8% |
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.