DuPont Decomposition
Why does ANTELOPUS earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
13.7% = 32.1% × 0.34 × 1.26
Latest: FY2026
Profitability
Net Margin
32.1%
12.9% →32.1%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.34x
0.21x →0.34x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.26x
1.14x →1.26x
Assets funded by equity vs debt
Trend Analysis
ROE improved by 10.7 pp over 5 years. Driven by net margin improving (12.9% → 32.1%), asset turnover improving (0.21x → 0.34x).
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 12.9% | 0.21 | 1.14 | 3.0% |
| FY2023 | ₹0Cr | ₹0Cr | 26.2% | 0.28 | 1.19 | 8.6% |
| FY2024 | ₹0Cr | ₹0Cr | 19.8% | 0.34 | 1.23 | 8.3% |
| FY2025 | ₹0Cr | ₹0Cr | 27.3% | 0.45 | 1.23 | 15.0% |
| FY2026 | ₹0Cr | ₹0Cr | 32.1% | 0.34 | 1.26 | 13.7% |
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.