Consolidated figures
| Ratio | Mar 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Margins | ||||
| Gross margin % | 38.1% | 37.9% | 37.4% | 38.8% |
| EBITDA margin % | 18.9% | 18.2% | ||
| 17.6% |
| 18.2% |
| EBIT margin % | 15.8% | 15.1% | 14.1% | 14.7% |
| PAT margin % | 12.8% | 12.4% | 11.4% | 11.9% |
| Working capital | ||||
| Receivable days | 55 | 53 | 57 | 62 |
| Inventory days | 107 | 107 | 104 | 109 |
| Payable days | 14 | 86 | 80 | 104 |
| NWC days | 148 | 73 | 81 | 68 |
| Leverage | ||||
| Current ratio | 2.87 | 2.92 | 2.86 | 2.59 |
| Debt to EBITDA | — | 0 | 0 | 0.03 |
| Debt to equity | — | 0 | 0 | 0.01 |
| Interest coverage | 328.3 | 286.4 | 294.1 | 300.3 |
| Asset turnover | 1.2 | 1.16 | 1.2 | 1.18 |
| Return ratios | ||||
| Return on assets % | 15.4% | 14.3% | 13.6% | 14% |
| Return on capital employed % | 26.8% | 26.6% | 25% | 27.3% |
| Return on equity % | 20.5% | 18.7% | 17.6% | 19% |
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.