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
15.8% = 28.7% × 0.45 × 1.23
Latest: FY2025
Profitability
Net Margin
28.7%
26.2% →28.7%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.45x
0.28x →0.45x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.23x
1.19x →1.23x
Assets funded by equity vs debt
Trend Analysis
ROE improved by 7.2 pp over 3 years. Driven by net margin improving (26.2% → 28.7%), asset turnover improving (0.28x → 0.45x).
Historical Decomposition
Last 3 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| 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 | 28.7% | 0.45 | 1.23 | 15.8% |
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.