Standalone figures
| Ratio | Mar 2020 | Dec 2020 | Mar 2021 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 37.7% | 38% | 36.9% | 37.7% | ||||
| 38.1% |
| 38% |
| 38% |
| 39.8% |
| EBITDA margin % | 14.2% | 14.3% | 14.7% | 17.5% | 18.9% | 18.4% | 18.2% | 19% |
| EBIT margin % | 10.2% | 9.1% | 10% | 13.9% | 15.8% | 15.3% | 14.8% | 15.5% |
| PAT margin % | 8.3% | 7.7% | 8.5% | 11.3% | 12.8% | 12.6% | 12.1% | 12.7% |
| Working capital | ||||||||
| Receivable days | 61 | — | 74 | — | 55 | 53 | 58 | 63 |
| Inventory days | 102 | — | 152 | — | 107 | 107 | 106 | 113 |
| Payable days | 1 | — | 19 | — | 95 | 87 | 81 | 107 |
| NWC days | 162 | — | 207 | — | 66 | 73 | 82 | 69 |
| Leverage | ||||||||
| Current ratio | 2.85 | — | 2.88 | — | 2.85 | 2.93 | 2.87 | 2.64 |
| Debt to EBITDA | — | — | — | — | 0 | 0 | 0.01 | 0.01 |
| Debt to equity | — | — | — | — | 0 | 0 | 0 | 0 |
| Interest coverage | 151.2 | 76.8 | 91.8 | 230.7 | 328.3 | 295.6 | 376.3 | 382.1 |
| Asset turnover | 0.99 | — | 0.85 | — | 1.2 | 1.15 | 1.17 | 1.14 |
| Return ratios | ||||||||
| Return on assets % | 8.2% | — | 7.2% | — | 15.4% | 14.5% | 14.2% | 14.5% |
| Return on capital employed % | 15.1% | — | 12.9% | — | 26.9% | 26.8% | 25.6% | 27.8% |
| Return on equity % | 10.8% | — | 9.6% | — | 20.5% | 18.9% | 18.2% | 19.5% |
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.