Standalone figures
| Ratio | Mar 2022 | Dec 2022 | Mar 2023 | Dec 2023 | Mar 2024 | Dec 2024 | Mar 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | 51.2% | 50.2% | 50.4% | 52.6% | 53.4% | 54% | 53.7% | 53.6% |
| EBITDA margin % | 18% | 20.6% | 21.1% | 23.6% | 24.4% | 25.7% | 25.9% | 25.9% |
| EBIT margin % | 12.4% | 16% | 16.6% | 19.5% | 20.3% | 21.4% | 21.6% | 21% |
| PAT margin % | 8% | 12% | 12.4% | 14.1% | 14.6% | 16.2% | 16.9% | 18.4% |
| Working capital | ||||||||
| Receivable days | — | 5 | — | 6 | — | 5 | — | 7 |
| Inventory days | — | 99 | — | 94 | — | 93 | — | 90 |
| Payable days | — | 40 | — | 30 | — | 31 | — | 24 |
| NWC days | — | 64 | — | 70 | — | 68 | — | 72 |
| Leverage | ||||||||
| Current ratio | — | 0.75 | — | 0.89 | — | 2.46 | — | 3.99 |
| Debt to EBITDA | — | 1.65 | — | 1.64 | — | 0.24 | — | 0.11 |
| Debt to equity | — | 0.65 | — | 0.69 | — | 0.05 | — | 0.02 |
| Interest coverage | 6.1 | 11.9 | 12.4 | 10.8 | 10.3 | 9.8 | 13.2 | 110.9 |
| Asset turnover | — | 0.96 | — | 0.9 | — | 0.74 | — | 0.69 |
| Return ratios | ||||||||
| Return on assets % | — | 11.5% | — | 12.7% | — | 11.9% | — | 12.7% |
| Return on capital employed % | — | 23.6% | — | 24.3% | — | 19.8% | — | 18.1% |
| Return on equity % | — | 23% | — | 25.1% | — | 14% | — | 14.3% |
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.