DuPont Decomposition
Why does BLACKBUCK earn its ROE?
Breaking down Return on Equity into profitability, efficiency, and leverage.
ROE = Net Margin × Asset Turnover × Equity Multiplier
11.3% = 24.6% × 0.38 × 1.22
Latest: FY2026
Profitability
Net Margin
24.6%
-238.5% →24.6%
How much profit per ₹ of revenue
Efficiency
Asset Turnover
0.38x
0.13x →0.38x
Revenue per ₹ of assets
Leverage
Equity Multiplier
1.22x
1.54x →1.22x
Assets funded by equity vs debt
Trend Analysis
ROE improved by 59.9 pp over 5 years. Driven by net margin improving (-238.5% → 24.6%), asset turnover improving (0.13x → 0.38x), leverage falling (1.54x → 1.22x).
Historical Decomposition
Last 5 years
| Year | Revenue | PAT | Net Margin | Asset TO | Leverage | ROE |
|---|---|---|---|---|---|---|
| FY2022 | ₹0Cr | ₹-0Cr | -238.5% | 0.13 | 1.54 | -48.6% |
| FY2023 | ₹0Cr | ₹-0Cr | -165.4% | 0.27 | 1.86 | -82.4% |
| FY2024 | ₹0Cr | ₹-0Cr | -65.5% | 0.45 | 2.10 | -62.3% |
| FY2025 | ₹0Cr | ₹-0Cr | -2.0% | 0.30 | 1.16 | -0.7% |
| FY2026 | ₹0Cr | ₹0Cr | 24.6% | 0.38 | 1.22 | 11.3% |
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.