DuPont Decomposition
Why does BECTORFOOD earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
11.1% = 6.9% × 1.21 × 1.33
Latest: FY2026
Profitability
Net Margin
6.9%
6.0% →6.9%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
1.21x
1.32x →1.21x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.33x
1.54x →1.33x
Assets funded by equity vs debt
Trend Analysis
ROE declined by 1.1 pp over 5 years. Driven by asset turnover declining (1.32x → 1.21x), leverage falling (1.54x → 1.33x).
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹0Cr | 6.0% | 1.32 | 1.54 | 12.2% |
| FY2023 | ₹0Cr | ₹0Cr | 6.8% | 1.59 | 1.53 | 16.6% |
| FY2024 | ₹0Cr | ₹0Cr | 8.8% | 1.44 | 1.66 | 21.2% |
| FY2025 | ₹0Cr | ₹0Cr | 7.6% | 1.20 | 1.34 | 12.3% |
| FY2026 | ₹0Cr | ₹0Cr | 6.9% | 1.21 | 1.33 | 11.1% |
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.