DuPont Decomposition
Why does ALMONDZ earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
10.3% = 14.6% × 0.50 × 1.42
Latest: FY2026
Profitability
Net Margin
14.6%
28.5% →14.6%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.50x
0.26x →0.50x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.42x
1.37x →1.42x
Assets funded by equity vs debt
Trend Analysis
ROE stable at ~10%. Driven by net margin declining (28.5% → 14.6%), asset turnover improving (0.26x → 0.50x).
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 28.5% | 0.26 | 1.37 | 10.1% |
| FY2023 | ₹0Cr | ₹0Cr | 21.1% | 0.28 | 1.29 | 7.5% |
| FY2024 | ₹0Cr | ₹0Cr | 30.4% | 0.35 | 1.44 | 15.5% |
| FY2025 | ₹0Cr | ₹0Cr | 11.5% | 0.43 | 1.45 | 7.2% |
| FY2026 | ₹0Cr | ₹0Cr | 14.6% | 0.50 | 1.42 | 10.3% |
How to read DuPont
- • Rising ROE from margin = pricing power, operational improvement (good)
- • Rising ROE from turnover = better asset utilization (good)
- • Rising ROE from leverage = more debt, amplified risk (caution)
- • Falling ROE across all three = structural deterioration (red flag)
DuPont decomposition from audited annual financials. Factual analysis, not investment advice.